“During the pandemic, a huge number of homeowners refinanced their mortgages to take advantage of record-low rates. Nearly 60% of active mortgages now have rates below 4% - rates so low that those homeowners are unlikely to refinance again.

The Federal Reserve has made its first rate cut in 14 months, with more expected in 2024. Here are the smart money moves to consider.

On Wednesday, Fed Chair Jerome Powell announced that the central bank would begin cutting Fed interest rates, starting with a .50 percentage point (50 bps) cut this month. The Fed also signaled that additional cuts were likely in their final two meetings this year in November and December, and more next year.