Here’s how quarter-point interest-rate cut by Fed will affect San Diegans – NBC 7 San Diego

The Federal Reserve on Wednesday announced a widely expected interest rate cut.

Wednesday’s cut was the Federal Reserve Board of Governors first this year. It’s now set at 4% to 4.25%.

The interest rate cut affects consumers in many ways, including mortgage rates, credit card interest rates and auto loan interest rates.

“This creates opportunity for affordability for people that don’t own homes that want to own homes, and it creates opportunity for people that got their mortgages two or three years ago that are in the mid to high 7 rates,” said Amir Nurani, owner of Left Coast Leaders.

Nurani said mortgage lenders had already "priced in" the expected Fed interest rate cut and started lowering rates before Wednesday’s announcement.

The move by the central bank could spur more activit