The Federal Reserve recently cut rates for the first time in more than four years. But this could be just the beginning. Find out what you need to know.

These are today's mortgage and refinance rates. Mortgage rates have inched up near 6% in response to expectations of smaller Fed cuts this year.

The Federal Reserve slashed the federal funds rate last week for the first time in four years, boosting borrower hopes that the cut trickles down into new mortgage and refinance rates. The Fed's action ends 14 months of rate pauses that, along with inflation, unemployment and other factors, have prolonged elevated borrowing costs.

The Fed finally cut interest rates last week, joining a global party consisting of several banks across the world.

Will lower interest rates spur housing availability and ease unaffordability? The potential is there, but not much will change without further cuts, said local mortgage officers.

That's not so far off from the Fed's preferred 2% target. In light of that, the Fed lowered its benchmark interest rate on September 18 by half a percentage point. And it's a move consumers will likely be celebrating in the coming weeks and months.

While I'm a firm believer in using these accounts, I won't keep all of my savings in a plan the IRS can restrict. I'm keeping a decent chunk of my long-term savings in a taxable brokerage account so I have the option to access that money penalty-free whenever I want it.