The final Fed rate cut of 2024 is here. Here’s everything you need to know about how the latest reduction will impact mortgage interest rates. Fox Money is a personal finance hub featuring content generated by Credible Operations,

These are today's mortgage and refinance rates. Mortgage rates might not drop as much next year if the Fed only lowers rates a couple of times.

"If there are blanket higher tariffs on all goods crossing the border, then there will be higher inflation. If there are tariffs on a few select products, which are done in phases spread over many years, then there will be less upward pressure on inflation. It also depends on how much and how fast U.S. factory production can ramp up," Yun says.

The Federal Reserve's third interest rate cut of the year will likely have consequences for debt, savings, auto loans, mortgages and other forms of borrowing by consumers

The U.S. Federal Reserve has issued their final rate cut of 2024, saying that what happens next year will depend on the actions and policies of the incoming Trump administration. Some at the reserve has signaled that the rate cuts will slow down as business leaders say inflation is not coming down enough.