WASHINGTON – For the second time in two months the Federal Reserve is lowering interest rates

The impact on your wallet will depend on if you are looking to borrow money or increase your savings.

The announcement still leaves federal interest rates well above where they were just a few years ago.

Credit card companies typically mirror the fed, so, chances are the interest rate you pay could fall but not as soon as you think.

Credit card agreements usually allow companies to use the highest rate from the previous 60 days.

You might see similar decreases on car loan rates. The impact on your monthly mortgage payment depends on your type of plan.

A fixed-rate mortgage is just as it sounds, fixed, so no change there. Payments on an adjustable-rate mortgage will likely drop.

Finally, experts say don’t expect to see your savings account fatten. You’ll be earning less interest on the money you’ve got stashed.