Why it matters: Between a gloomy job market and rising inflation, Americans are looking for relief wherever they can — but even though the Fed has cut rates for the first time this year, it may not change much in terms of credit card and mortgage rates.

Today, the mortgage interest rate on a 30-year fixed mortgage is 6.15%, according to the Mortgage Research Center. On a 15-year fixed mortgage, the average rate is 5.19%, and the average rate on a 30-year jumbo mortgage is 6.

Considering a $25,000 home equity loan? Here's what it costs monthly now that the Federal Reserve cut rates again.

Bessent has suggested that Fed Governor Lisa Cook should be removed over allegations that she committed mortgage fraud, which she denies.

The Federal Reserve may be poised to resume interest-rate cuts this week, but it could do more to ease US mortgage costs and stimulate housing by using different tools involving its balance sheet, says Pacific Investment Management Co.

Experts say Americans shouldn't expect a further decline in mortgage rates immediately after the Fed's September meeting.