By the end of 2024, interest rates will fall nearly another half of a percentage point from their current level of between 4.75% and 5%, according to FOMC projections. Interest rates will drop another percentage point over the course of 2025, the projections further indicated.

A cut to the Fed's benchmark rate has consequences for debt, savings, auto loans, mortgages and other forms of borrowing by consumers and businesses.

Last November, the 30-year mortgage rate approached 8%. After the Federal Reserve cut interest rates on September 18, it’s approaching 6%.

The federal funds rate was cut to 5% from 5.5%. It could lower mortgage rates and stimulate consumer spending in Houston, experts say.

Promotions on CDs already aren't as good as they were in January, but some attractive yields of 4% or higher remain on one-year CDs.

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