BATON ROUGE, La. (WAFB) - After its September meetings concluded Wednesday, the Federal Reserve announced a half-point cut to current interest rates.

The cut brings interest rates down for the first time since 2020. The rates coming down also ends what was a 23 year high for more than a year.

The decreased rates will bring down borrowing costs for consumers and businesses.

The housing market for example, will benefit speaking that last week's 6.2 percent 30-year fixed loans were a 19-month low.

More cuts are expected to be made as the year continues.