On Nov. 7, the Federal Reserve implemented a 0.25% reduction to the federal funds rate, its second cut in over four years. Prospective homebuyers are eager for a silver lining in the housing market. But experts don't anticipate dramatically lower rates before the end of the year.

The Fed is expected to cut rates for a second straight month but by a smaller amount. How and when consumers may feel the effects isn't as clear.

The Fed cut rates for the second time this year. Learn how this impacts mortgage rates and what to expect in the coming months.