CINCINNATI \u2014 The Federal Reserve is expected to cut interest rates later this month, and the changes could significantly impact your finances \u2014 from savings accounts to mortgage rates.<\/p>\n
We’ve been discussing the possibility of rate cuts for months, and now it appears that it may actually happen. Financial advisor John Bovard says big changes are on the way.<\/p>\n
“Certain economists are pricing in two to three rate cuts before the end of the year,” Bovard said.<\/p>\n
How rate cuts will affect your money<\/p>\n
Borrowing could get cheaper, but your savings may not stretch as far.<\/p>\n
“One thing to be aware of as a consumer is your interest rate may be decreasing on that money,” Bovard said.<\/p>\n
WATCH: What to expect ahead of the Federal Reserve cutting interest rates<\/b> <\/p>\n
Federal Reserve expected to cut interest rates later this month<\/p>\n
On the other hand, credit cards and car payments may become more affordable.<\/p>\n
If you’re looking to buy or sell your home, rate cuts will impact your mortgage.<\/p>\n
“Right now, the 30-year mortgage is about 6.5%. The goal is to get that below 6% at the end of the year,” Bovard said.<\/p>\n
If that does happen, it could mean significant changes for the housing market.<\/p>\n
“What that could mean is a larger supply of available homes for sale,” Bovard said.<\/p>\n
Here in the Tri-State area, lower rates could shake up the housing market.<\/p>\n
“So a lot of people that own a home now in the tri-state area have a low interest rate between 3 or 4%,” Bovard said.<\/p>\n
If rates fall, more homeowners may decide to sell \u2014 giving buyers more options to choose from.<\/p>\n
The Fed meets later this month, but here’s how you can get ready now:<\/p>\n
Whether you’re saving, borrowing, or house hunting \u2014 rate cuts could affect it all. Take steps now, so you don’t waste your money.<\/p>\n
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.<\/p>\n
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