Want to know how this week's Fed rate cut impacted the mortgage rate climate? Here are the latest interest rates.

The Federal Reserve concluded its last meeting of the year with a widely anticipated 25 basis point cut to the federal funds rate (FFR), bringing it to a range of 3.50-3.75%.

The FOMC elects to cut interest rates in December to 3.5% -3.75%, but Powell siignals that policy may now by neutral, making a January cut less probable.

The Federal Reserve cut its benchmark interest rate a quarter of a percentage point on Wednesday, opting for its third interest rate cut this year in an effort to revive a sluggish labor market. The reduction of interest rates could deliver some relief for mortgage and credit card borrowers.

The Federal Reserve will announce if they will cut rates again in December's meeting — their last meeting of 2025. The decision will determine whether borrowers get more relief on interest rates.

The cut of a quarter-point will likely make it cheaper for average Americans to secure mortgages, pay credit card debt or finance cars.

The central bank is poised to lower interest rates on Wednesday even as a growing chorus of officials urge caution.

The Bank of Canada held its benchmark interest rate at 2.25 per cent on Wednesday, a move widely expected by economists. The market had 93.5 per cent odds that the BoC would hold, according to LSEG data.