So when you find a rate that works for you, that makes it logical and profitable for you to do the deal, my advice is lock it in. This arrangement may cost you a little, but it allows you to re-lock your rate 10 days before closing if rates do decline. A lower Fed Funds rate ultimately gives manufacturers more flexibility to lower interest rates on car loans and leases. There are some deals out there like that now, particularly in the mid-priced sedan market where Camry, Taurus and Accord are battling to see which will be the biggest selling car of the year. Those deals will likely continue through December as these races run on a calendar basis.
Most cards adjust quarterly, but some adjust semi-annually.
Each lender has a different schedule. Here's the bad news for consumers. Just as the rates you're spending to borrow money are going down, the interest you're taking in for money in the bank is also going to fall. In savings accounts and money market accounts, it'll happen almost immediately. The rates they pay are often double the average rates for CDs.