The Federal Reserve cut its key interest rate by half a percentage point Wednesday. The rate now stands at about 4.9 percent, and some economists think it could fall another half a percentage point before the end of the year.

The average rate on a 30-year mortgage in the U.S. edged closer to 6% this week and is now at its lowest level since early February 2023.

The Federal Reserve has made its first rate cut in 14 months, with more expected in 2024. Here are the smart money moves to consider.

The decline in mortgage costs, influenced by expectations of the Federal Reserve’s rate moves, could revive interest in buying, selling and remortgaging, economists said.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance their loans to a lower rate, also eased.

Homebuyers are rushing to take advantage of lower mortgage rates following the Federal Reserve’s recent interest rate cut.

With the Federal Reserve expected to lower interest rates, some borrowing costs have begun to ease — signs that loans may become cheaper in the near future.

Cooler inflation raises odds of bigger rate cut Jimmy Jean, vice-president, strategist and chief economist at Desjardins talks with Financial Post's Larysa Harapyn about how cooler inflation raises the odds of a bigger rate cut.