What a Fed rate cut could mean to you

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• Hiring holds steady
• Half of 'rescued' borrowers still default
• Job outlook gets gloomier
• Where the jobs are
• Where the jobs are

Issue #1: America's Money - Everyday on CNN

NEW YORK (CNNMoney.com) -- The Federal Reserve will decide today whether to continue cutting interest rates. Here's how it will (or won't) affect your wallet.

In fact, the Fed's rate cuts in January and March alone marked the most aggressive Fed intervention in a quarter-century. This would be the seventh rate cut if the Fed cuts today. Many economists think that after this cut, the Fed will take a break for the rest of this year, barring an economic disaster.

It's hoped that the Fed's rate cuts plus the stimulus package of tax rebates for people and tax breaks for businesses - will strengthen the economy.

Given all the turmoil in the credit industry, it's likely your interest rate is the same or perhaps even higher. Rates on the 30-year fixed mortgage continue to be low. Right now the rate is at 6.04%. The bright spot here will be for home equity lines of credit. Interest rates on HELOCS move in lockstep with Fed cuts.

To find out what you might be on the hook for once your mortgage adjusts, go to your Adjustable Rate Rider. Here you'll find info on what index your mortgage is tied to. Then, look for the margin. Your new rate will be the sum of the margin plus the current index value. Make note of any caps on how much your rate can go up.

Treasurys have enjoyed an influx of cash from investors who want to park their money. Since lenders are wary about what's happening in the equity markets and inflation, they've pushed into treasuries. The Treasury rate isn't going up as high as the LIBOR index.