DALLAS — The Federal Reserve’s recent rate cut is expected to have a significant impact on your finances, from lowering the cost of borrowing to encouraging spending and investing.

The benchmark rate dropped a quarter of a percentage point to a range of 4% to 4.25%.

In our latest episode of Y’all-itics, the president of the Consumer Bankers Association, Lindsey Johnson, explains how the new rate will put some dollars back into your bank account.

“They’re going to start to feel those in their mortgage rates, for example,” Johnson said. “So, you’re going to see, potentially, a lot of refinances. It has a lot of implications in the mortgage market and the auto lending market. So, it does have material impacts on a consumer’s pocketbook.”

The national average for a 30-year fixed-rate mortg

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