LAS VEGAS (KTNV) — If you're in Southern Nevada trying to keep up with rising prices, you've probably heard the Federal Reserve cut interest rates another quarter of a percent this week. Here's what that means for you.
Experts say Fed cuts don't directly lower mortgage rates, but you may see the effect sooner on credit cards, which are tied to the Fed rate.
An example? If you have a $5,000 balance on a typical credit card at 21% interest, a quarter-percent Fed cut only saves about $10 to $12 a month. Not nothing, but not life-changing either.
WATCH | What to know about mortgage rates in Nevada
When it comes to buying a home, mortgage rates are sitting just above 6%, down from around 7% at the start of the year.
Forrest Hewes with Community Mortgage Advisors says rates likely won't change drastically in the near future, so waiting for a big drop may not be worth it.
"If you're comfortable with the payment and you like the house that you're looking at, get the house," Hewes said.
The best thing you can do is talk to a mortgage lender or financial advisor to see what makes the most sense for your situation.
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