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.

Federal Reserve leaders are unified in their resolve to quash the worst bout of inflation in four decades. They just no longer agree on how high to keep U.S. interest rates to achieve their goal.

The Fed announced its third straight rate cut this week, also signaling that additional reductions are likely in 2025. What could this mean for future mortgage rates?

The Federal Reserve cut interest rates by a quarter point, its third reduction this year, but suggested only two more reductions next year as inflation lingers.

Hopes were high that the Federal Reserve could make homes more affordable by cutting interest rates. So far, mortgage rates are rising instead. Average 30-year mortgages have climbed to around 6.7% from roughly 6.

Canada's main stock index was flat on Tuesday in thinner-than-usual trading volume, as investors clocked in for a half-day session on Christmas Eve.

The Fed's December rate decision reflects growing confidence in the economy's trajectory and the continued moderation of inflation pressures, despite an uptick in the inflation rate over the last few months.

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 and businesses

These are today's mortgage and refinance rates. Mortgage rates might not drop as much next year if the Fed only lowers rates a couple of times.