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

Federal Reserve leaders are unified in their resolve to quash the worst bout of inflation in four decades. They just no longer agree on how high to keep U.S. interest rates to achieve their goal.

The Federal Reserve cut interest rates by a quarter point, its third reduction this year, but suggested only two more reductions next year as inflation lingers.

The Federal Reserve on Wednesday made another cut in interest rates, but dialed back expectations for lowering rates in the near future.

The Fed's December rate decision reflects growing confidence in the economy's trajectory and the continued moderation of inflation pressures, despite an uptick in the inflation rate over the last few months.

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.