Mortgage rates, in particular, surged last year to their highest level since 2000 but have since come down alongside inflation. But it's been a bumpy ride back to the bottom in recent weeks. What, then, does this latest Fed rate cut mean for mortgage interest rates? That's what we'll break down below.

The Fed cut rates for the second time this year. Learn how this impacts mortgage rates and what to expect in the coming months.

Though some savings accounts have lowered rates after yesterday's Fed move, the nation's best high-yield option is holding at 5.50%—with eight more paying at least 5.00%.