The Federal Reserve cut interest rates by a quarter point on Wednesday, as it was widely expected to, lowering borrowing costs for the third time since September.

The latest cut brings the target federal funds rate to a range between 3.5 percent and 3.75 percent, the lowest level in three years. This rate affects many consumer lending and savings rates throughout the country, either directly or indirectly, including mortgage rates.

This is why the Fed’s cut this week, according to estate agency Bright MLS chief economist Lisa Sturtevant, is likely to “translate into lower short-term borrowing costs” for Americans, she said in a statement shared with Newsweek .

“However, potential homebuyers waiting for lower mortgage rates are going to be disappointed. In fact, rates could actually in

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