How soon will it affect mortgage rates?
Some consumers loans are pegged at the prime rate, which is generally three percentage points higher than the federal funds rate, which is what the Federal Reserve moved around on Wednesday. But the prime rate tends to track the federal funds rate. Longer-term, fixed-rate loans such as mortgages or student loans track treasury bonds, so they're not immediately affected by the Fed's decision, but they follow broadly.
This means people with some types of variable rate mortgages are likely to see some more much-needed relief. That's good news. If your rate is resetting higher, it is time to start thinking about refinancing. You may be able to lock in a much lower rate. This could help you keep your home if you're afraid of losing it because interest rates have moved higher on you. Those with home equity lines of credit, you'll get a little help because when rates go down, your debt is cheaper.