HOUSTON — The Federal Reserve is kicking off a two-day meeting that could have ripple effects far beyond Wall Street, impacting everything from mortgage rates to credit card payments for families across the Houston area.
Economists widely expect the Fed to cut the federal funds rate during this meeting. That decision plays a key role in how much consumers pay to borrow money — whether for a home, a car, or everyday expenses carrying a credit card balance.
What a potential rate cut could mean for your budget
When the federal funds rate drops, it typically puts downward pressure on interest rates for mortgages, auto loans, credit cards and other types of debt.
Lower borrowing costs can translate to smaller monthly payments for major expenses, making bills more manageable for families paying for housing or transportation. For people already carrying debt or considering refinancing, a rate cut may also provide an opportunity to reduce interest payments…