The Federal Reserve lowered its benchmark interest rate for the second time this year, more than two months after an unexpected half-percent cut.

Here are some key points about the Federal Reserve’s interest rate cuts:

1. Borrowing money will eventually become cheaper, with lower rates for mortgages, car loans, and credit cards.
2. However, consumers don’t see these interest rate cuts immediately.
3. Lenders make money by charging higher rates to consumers than the federal funds rate.

Despite the Fed’s significant September cut, mortgage rates have continued to rise. The average interest rate on a 30-year fixed-rate loan is about 6.72%, according to Freddie Mac.

Hold on, though—many experts predict more rate cuts could be on the way.