The Fed is expected to cut rates for a second straight month but by a smaller amount. How and when consumers may feel the effects isn't as clear.

Here’s how the central bank’s interest rate moves influence car loans, credit cards, mortgages, savings and student loans.

Mortgage rates, in particular, surged last year to their highest level since 2000 but have since come down alongside inflation. But it's been a bumpy ride back to the bottom in recent weeks. What, then, does this latest Fed rate cut mean for mortgage interest rates? That's what we'll break down below.