NEW YORK (CNN/Money) - On the face of it, low interest rates are a beautiful thing.

They're what's fueled the hot housing market, after all, and made possible the refinancing boom that has made homeowners flush.

The Federal Reserve cut its key short-term interest rate by a quarter percentage point. CNNfn's Kathleen Hays reports. Play video (Real or Windows Media)

But the Fed's most recent rate cut Wednesday also raises a host of questions. Will it drive money market interest rates so low, for example, that income-dependent seniors get creamed?

Or will it finally spark faster economic growth, which could eventually lift interest rates and whack investors who have ridden the Treasury bond rally? Not to mention hurting the housing market?

While the Fed sets the target for the federal funds rate that banks charge one another for overnight loans, the central bank's actions have repercussions for interest rates far and wide.

Following is a guide to how the Fed's decision -- and low interest rates -- affect you.

If you're hungry for income One of the more direct effects of the Fed's cut will be on yields for savings accounts. Yields on money markets average around just 1 percent. Here's where to find the best yields now.

Also, here's a look at how real estate funds can provide both capital gains and healthy income (See "Investing in real estate").

If you're thinking refi Despite the Fed's cut, mortgage rates may already have bottomed. Before trying to refinance one last time, check out the potential downside in "Getting in on refi mania."

If you're mortgage shopping A 30-year fixed rate loan near 5 percent looks tempting but there are a host of options. See "Choosing the right mortgage."

If you're in hock It's maddening really: you read headlines about record low rates but continue to pay 15 percent or so on your credit cards. Read why that is and learn some tips for getting a better rate ('Why is my credit card rate still so high?").

If you're heavy into bonds Falling rates have kept Treasury bond prices cruising, but Wednesday's cut could mark the last leg of the rally. See "Bonds: How scared should you be?"

If you're into the macro econ thing Then click here for more on the details of the Fed's rate cut.