The Fed just cut rates to their lowest point since 2022. Here's what that could mean for mortgage rates.

The Fed just slashed its benchmark rate again and that could have an impact on mortgage rates. Getty Images/iStockphoto

The Federal Reserve delivered big financial news this week, announcing yet another interest rate cut — its third in just four months. With this latest rate cut , the Fed has sliced another 25 basis points off the benchmark rate and has officially pushed the federal funds rate down to a range of 3.50% to 3.75%. That, in turn, marks a meaningful milestone: the lowest federal funds rate since November 2022 — and a potential opening for more accessible, affordable borrowing options for millions of Americans.

While each of the recent rate reductions has slowly chipped away at borrowing costs, from credit cards to personal loans to auto financing, this latest move