The Fed cut its short term interest rate by 0.50%. How will this affect mortgage rates, auto loans, and credit cards? Does the cut indicate a problem with the economy?

If you have a mortgage rate of 6.9% or higher, have a good credit score, and at least 20% equity in your home, it could pay to refinance.

This week, the Federal Reserve cut its influential federal fund rates by 50 basis points. That could shake up the dynamic of the housing market, though perhaps not immediately.