In many ways, assessing the impact of the Federal Reserve’s rate cut is like predicting when the ice will thaw. We know something is happening, but it takes a while and there’s not much to see.

To date, the Fed has cut short-term interest rates three times this cycle, including a huge half-percentage point cut to kick off the low-rate season in September. With today’s quarter-point cut, the low end of the target overnight interest rate has fallen from 5.25% to 4.25%.

A full percentage point lower and what results can we see? When it comes to your money—checking and savings accounts, CDs, mortgages, and other loans—fractions are often required to measure the impact.

You may have noticed a gradual change in the meager interest you earn on your deposit accounts.

Many checking accounts pay a pittance – a few cents on the dollar. Yet the money flows in and out – mostly out? – your account while paying bills. It is the convenience of liquidity that limits your earning power.

In other words, if your interest-bearing checking account drops below the current national average of 0.07%, it will be hard to notice.

With off-the-shelf savings accounts, you don’t pay much more. The current average is below 0.50% and it continues to fall. But smart savers don’t seriously keep their money here.

High-yield savings accounts proved to be friendly savers during the period of higher interest rates – paying 4 to 5% or more. They now fall below 5%, and some financial services providers quote interest rates below 4%.

This is a category that is really worth shopping in. However, the decline in these interest rates is expected to continue.

Dig Deeper: The 10 Best High Yield Savings Accounts

If you have $10,000 or more that you want to keep on the sidelines but close by, money market accounts come in handy — but pay poorly. The national interest rate averages 0.66%.

That doesn’t make much sense.

A better option might be a high-yield money market account, where interest rates are still above 4%.

Read more: 10 Best High Yield Money Market Accounts

CD interest rates have proven resilient, falling only slightly in recent months. A 12-month CD averages 1.83%, but you can find better deals if you’re willing to take the time to track them down – and park your money at a bank that may not be in your city located.

Your minimum deposit and term affect your interest rate.

Learn more: The best CD prices on the market

Mortgage interest rates were the most stubborn. After the Fed’s first rate cut in September, mortgage rates actually rose. Analysts said the Fed’s move was already “priced in” to mortgage rates.

The fact is that the Fed’s manipulation of the overnight interest rates charged to banks has no direct impact on mortgage rates. These are more influenced by the bond market, particularly the 10-year Treasury note. The bond market reacts to forecasts of economic growth – or the lack thereof.

Lowering mortgage rates will require more than gradual rate cuts from the Fed. Bad economic news can cause interest rates to fall, such as a rebound in inflation or a surprise recession. But who hopes for that?

Housing industry analysts at the Mortgage Bankers Association, Redfin, Realtor.com and Zillow expect mortgage rates to remain in the 6% to 7% range through 2025.

Dig Deeper: When will mortgage rates go down? A look at the year 2025

Personal loan interest rates have been hovering around 12% for more than a year. They were around 9.5% for three years, from 2020 to 2022. As with mortgage rates, it will take time for them to return to this level.