The Fed's recent rate cut is big news for the economy, but can it help you get a cheaper mortgage? Find out if now is a good time to buy or refinance.

Federal Reserve Chair Jerome Powell on Monday said the U.S. economy is in "solid shape" and that more interest rate cuts can continue if the economy continues to evolve as expected.

The Federal Reserve cut its key lending rate by 0.5% on Sept. 18. While it remains to be seen how many more rate cuts will occur, the consensus appears to be additional quarter-point cuts by the end of the year. These cuts are more likely to affect prices on Wall Street than on Main Street.

Federal Reserve Chair Jerome Powell said the economy was in solid shape. “We intend to use our tools to keep it there,” he added.

Chicago Federal Reserve President Austan Goolsbee reiterated on Monday that he sees a case for extensive U.S. central bank interest rate cuts given the current state of the economy and where it is likely to go.

Investors, economists, and executives eagerly await a cut in the federal funds rate. The size of the Federal Reserve’s likely September rate cut is up in the air.

Federal Reserve Chair Jerome Powell said the central bank was focused on bringing rates down to a level that neither spurs nor slows economic activity, though he didn’t say that necessarily needed to occur hastily.