Will lower interest rates make homes in Iowa more affordable? Here’s what to know

After the Federal Reserve's recent 0.5% interest rate cut, the impact on mortgage and car loan rates remains uncertain. Mortgage rates typically follow 10-year Treasury yields rather than the Fed's actions. Currently, the average 30-year fixed mortgage rate is 6.2%. Despite lower rates, home sales have declined, with a 10.04% drop in the Des Moines area in August. While lower rates may boost market activity, significant changes are not expected immediately. Credit card and auto loan rates are likely to decrease but remain high for now.