The effects of the Fed’s half-point rate cut in September and its quarter-point cut in November have largely been passed through to auto loans, which fell on average from a peak of 7.3% in July to 6.8% last month, said Ivan Drury, director of insights for Edmunds.com.

The final Fed rate cut of 2024 is here. Here’s everything you need to know about how the latest reduction will impact mortgage interest rates. Fox Money is a personal finance hub featuring content generated by Credible Operations,

On Wednesday, the Federal Reserve announced its third interest rate cut of 2024. When the Fed pivoted to cutting interest rates this fall because of cooler inflation, many prospective homebuyers thought mortgage rates would immediately come down.

These are today's mortgage and refinance rates. Mortgage rates remain elevated and they may not drop as much as expected next year.

Average 30-year mortgages have climbed to around 6.7% since the Fed started lowering rates in September. And they are only poised to rise further.

In remarks at a postmeeting press conference on Wednesday, Fed Chair Jerome Powell said that policymakers are now equally attuned to risks from both sides of the mandate, and would proceed cautiously with future rate cuts to avoid reigniting rapid inflation.

The U.S. Federal Reserve has issued their final rate cut of 2024, saying that what happens next year will depend on the actions and policies of the incoming Trump administration. Some at the reserve has signaled that the rate cuts will slow down as business leaders say inflation is not coming down enough.

The Federal Reserve's third interest rate cut of the year will likely have consequences for debt, savings, auto loans, mortgages and other forms of borrowing by consumers