Earlier on Thursday, mortgage rates rose again for the sixth consecutive week, hitting a four-month high of 6.79%, according to Freddie Mac. The Fed's latest rate cut, which was universally expected and thus fully priced in to bond markets, is unlikely to bring relief to mortgage rates in the near term.

A rapid slowdown in the rate of U.S. inflation appears to have lost steam, potentially raising questions about how aggressively the Federal Reserve will cut interest rates early next year.

With interest rates declining, borrowing costs for credit cards, personal loans, and auto financing should get a bit cheaper, saving a few bucks on most loans.