The bad news: savings interest rates will likely take a hit.
MSNBC wrote an article about the effects of these changes on Americans. There will be little change for those with an existing mortgage unless the variable rate is in effect on the loan.
"If you need to borrow money, it might get cheaper. Rates on 30-year, fixed-rate mortgages already have fallen to about 5.4 percent from 6.3 percent six months ago. These rates take their cue from 10-year U.S. Treasury bonds..."
