The central bank has now shaved a full percentage off its benchmark rate since September. Here's what it means for your borrowing costs.

The Federal Reserve's policymakers announced that they will cut the benchmark federal funds rate by a quarter point in December, marking the central bank's third straight cut.

The best CD rates didn't just hold firm this week—some even improved. That means you can still snag as much as 5.50% for a short term or in the mid-4% range for longer.