The Federal Reserve surprised Wall Street on Tuesday by cutting interest rates by 50 basis points, and the federal-funds rate is now in the range of 1% and 1.25%.

This rare move—the last time the Fed cut before a scheduled policy meeting was in 2008 during the financial crisis—was in response to the “evolving risks” the coronavirus outbreak poses to the economy. As of Tuesday, there were over 91,000 cases and 3,118 deaths worldwide.

In response, U.S. stocks fell despite a small, short-lived bump earlier in the day. The Nasdaq lost 3%, while the S&P 500 and the Dow tumbled 2.8% and 2.9%, respectively.

Because interest rates affect the cost of borrowing, a cut will impact everything from mortgages to credit cards.

For homeowners, it depends on what kind of mortgage you have. Fixed-rate mortgages will see no impact since they are based on more steady long-term rates, but adjustable-rate mortgages (ARMs) are linked to short-term Treasury yields, which move with the Fed. Falling rates may also mean it’s a good time to refinance your home

Any effect on credit cards depends on if the card carries a fixed or variable rate. As for auto loans, these have fixed interest rates, so a cut won’t have a big effect on what you pay. Student loans are also less likely to be affected. For savers, you may earn less interest in your account after rates are lowered

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