The Fed lowered rates by 25 basis points to a 20-month low, but economists say tariffs may throw a wrench in the rate cutting cycle.

The Federal Reserve is expected to announce Thursday it is cutting interest rates, a decision that comes just two days after a divisive and historic US presidential election.

Mortgage rates, in particular, surged last year to their highest level since 2000 but have since come down alongside inflation. But it's been a bumpy ride back to the bottom in recent weeks. What, then, does this latest Fed rate cut mean for mortgage interest rates? That's what we'll break down below.