The cut of a quarter-point will likely make it cheaper for average Americans to secure mortgages, pay credit card debt or finance cars.

The Federal Reserve cut its benchmark interest rate by a quarter point for the third time since September, bringing it to about 3.6%, the lowest in nearly three years.

The reduction lowers the federal funds rate — what banks charge each other for short-term loans — to between 3.5% and 3.75%, down from its prior range of 3.75% to 4%. The Fed's decision marks the third consecutive rate cut since September, lowering the federal funds rate by a total of 0.75 percentage points this year.

The latest cut brings the target federal funds rate to a range between 3.5 percent and 3.75 percent, the lowest level in three years. This rate affects many consumer lending and savings rates throughout the country, either directly or indirectly, including mortgage rates.

Jerome Powell has concluded his news conference following the announcement that the Federal Reserve will cut the country's key lending rate by a quarter point. This is the third reduction this year brings the key interest rate to 3.50% to 3.75%. Powell affirms the Fed's commitment to keeping inflation low and near the Fed's target.

The Fed rate just hit its lowest level in years, but whether mortgage rates fall now depends on a few factors.

The Federal Reserve cut interest rates amid a data blackout caused by the record-breaking government shutdown.

The yield on the benchmark U.S. 10-year Treasury note fell 4.3 basis points to 4.143% after swinging between a session low of 4.137% and a three-month high of 4.209%. The 10-year yield was poised to snap a four-session streak of gains, its longest run of gains in five weeks.