The Federal Open Market Committee will announce its next scheduled decision on interest rates on December 18. A rate cut is likely but far from certain.

Kent, the mortgage banker, noted that Fed rate cuts have more impact on credit cards, car loans, and other short-term borrowing than on business and mortgage loans. If mortgage rates stay high, he expects more buyers will ask for adjustable-rate loans, as if betting that rates will fall over the next few years.

The Federal Reserve cut interest rates by a quarter point, the second reduction this year. A combination of strong data and Donald Trump’s return to the White House muddles the outlook on what comes next.