The Fed rate cut will have ripple effects across a variety of financial products. Learn how it'll impact your savings account.

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

While this is bad news for savers (rates on savings accounts and certificates of deposit will certainly decline), it's great news if you need to borrow money. After all, a few different types of loans will likely become cheaper as the Fed continues to cut rates over time. Here's what you can expect.

This week, the Federal Reserve cut its influential federal fund rates by 50 basis points. That could shake up the dynamic of the housing market, though perhaps not immediately.

A Federal Reserve official predicted quarter point rate cuts if data looked ‘fine’. But he also set out a scenario for a pause — or faster reductions.

"The Fed’s decision was pretty aligned with market pricing," Zhao notes, so a major drop in mortgage rates is highly unlikely. But if the Federal Reserve were to make further cuts more slowly than markets are currently predicting, she says "rates have a little bit of room to potentially come up."

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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