Last November the 30-year mortgage rate approached 8%, now after the Federal Reserve cut interest rates on September 18, it’s approaching 6%.

Huge increases in wealth and debt levels prevents the Fed from cutting rates as much as it wants, Larry Summers said.

After plunging last week to the lowest level in 19 months, but then climbing back up, 30-year refi rates saw a notable drop Monday. Movement for other refinance loans was mixed.

The country’s central bank also freed commercial banks to lend more money in a package of moves aimed at rekindling growth in a stagnant economy.

The Federal Reserve just lowered its benchmark rate by 0.50 percentage points. Here's how the move could impact your finances.