Find out how the Federal Reserve’s decision will impact all aspects of borrowing and spending

The second interest rate cut in a row will affect consumer borrowing costs. Here's what it means for your credit card, mortgage rate, car loan and savings.

The Federal Reserve cut interest rates on Thursday for the second time in three months, likely setting the stage for a drop in borrowing costs.

The Federal Reserve doesn't directly set mortgage rates, but it influences them by making changes to the federal funds rate, the interest rate that banks charge each other for short-term loans. The Fed's decisions alter the price of credit, which has a domino effect on mortgage rates and the broader housing market.

Jason Furman, former chairman of the Council of Economic Advisers, says he expects the Federal Reserve to cut rates again in December, but after that, the pace of cutting will slow down. He's on "." (

The Federal Reserve has issued another cut to its benchmark interest rate, but unfortunately for homebuyers, it won't translate to lower mortgage rates in the short term. As expected, the Fed cut its policy rate by a quarter-point on Thursday,

The Federal Reserve has made two consecutive interest rate cuts but potential homebuyers are wondering when mortgage rates will drop. CBS News MoneyWatch correspondent Kelly O'Grady breaks down what this means.

The housing crisis is a genuine concern for younger generations, and many hoped that months of cooling inflation would drive down interest rates and mortgage rates. Lower mortgage

Neel Kashkari, the president of the Minneapolis Federal Reserve, tells "Face the Nation with Margaret Brennan" that another interest rate cut after the December Fed meeting is "certainly possible" but "we want to have confidence that inflation is going to go all the way back down to our 2% target.