Jacksonville, FL — With the Federal Reserve cutting its key interest rate by a quarter-point for the second time this year, WOKV's Consumer Warrior Clark Howard is breaking down the impacts you can expect to see.
Howard says there will likely be some positive effects for you.
"Auto loans, credit cards, home equity lines of credit, anything like that-- generally, when the Federal Reserve acts, the rates on those kinds of products drop," says Howard.
But he warns mortgage rates will likely have the opposite response.
"People [who] are willing to lend you money for 15 or 30 years, worry that the Federal Reserve is not serious about inflation anymore, and that's why those rates would climb," explains Howard.