Just want some clarifications about the Fed decision

[wllsp]

As you know Fed has decided to cut its interest rate recently. Just out of curiosty it's interesting to me what it means for ordinary people in the US. Do it means that if you pay a mortgage then your bank also immediately cuts its interest rates and you have to pay less in the next month? Or you have to call a bank and sign a new mortgage contract with the bank? Also it is unclear if one pays for his/her car will he/she pay less after the Fed decision?

And one more question. As far as I know the Fed interest rate is 4.75 per cent. So how much on average an ordinary American citizen pays for their mortgage nowadays?