Current Fed Interest Rate 2024. The federal reserve approved its second consecutive interest rate cut thursday. That brings down the federal funds rate — the interest rate banks charge each other for borrowing money — to a range of 4.5% to 4.75% from its current 4.75% to 5% level.

That brings down the federal funds rate — the interest rate banks charge each other for borrowing money — to a range of 4.5% to 4.75% from its current 4.75% to 5% level. The federal reserve cut interest rates on wednesday by half a percentage point.