Borrowing costs are the highest they've been in 23 years, but some measure of relief may be around the corner.

While Federal Reserve officials chose not to cut the benchmark interest rate after meeting Wednesday, traders widely expect a 0.25 percentage point rate cut when they next meet in September — the first in over two years.

That would bring the benchmark rate down closer to 5% from an upper range of 5.5%, although it would still be a far cry from the near-zero rate through much of 2022.

To slow inflation, the central bank has raised interest rates over the past two years to make borrowing more expensive. And it's done just that: Americans have seen their monthly debt payments for mortgages, loans and credit cards increase by hundreds of dollars since the rate hikes began.

To give you an idea of how much more people are paying since the Fed started hiking rates in March 2022, here's a breakdown of the increased monthly costs for various types of debt based on commonly borrowed amounts.

30-year fixed-rate mortgages

In 2022, the average 30-year fixed rate mortgage rate was 4.3%, while the current rate is 6.9%, per Mortgage News Daily. For a mortgage loan of $330,000,  monthly payments have gone from $1,633 to $2,173.

Total monthly difference: $540

Home equity lines of credit

In 2022, the average percentage rate for a

$30,000 line of credit was 4.3%, while the current rate is 9.2%, according to Bankrate data. Assuming that the repayment period is over 15 years, monthly costs would increase from $226 to $308.

Total monthly difference: $82

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Personal loans

In 2022, personal loans with fixed repayments over five years had an average interest rate of 12.6%, while the current rate is 19.8%, according to Credible. For a loan of $11,000, monthly payments have risen from $248 to $290.

Total monthly difference: $42

New vehicle financing

In 2022, new auto loans had an average interest rate of 5.2% while the current average is 7.3%, per Edmunds data. For a 60-month financing of around $40,000, monthly payments have increased from $759 to $798.

Total monthly difference: $39

Credit cards

In 2022, the average credit card interest rate was 16.3%, while the current rate is 20.7%, per Bankrate data. To pay off an outstanding balance of $6,500 within 10 years, the monthly payments would be $110 in 2022, compared with $129 in 2024.

Total monthly difference: $19

Where interest rates are headed

While the Fed is unlikely to lower its interest rates back down to 0% any time soon, Fed officials estimate that it will go down to a range of 3% to 3.25% by the end 2026, from its current range of 5.25 to 5.5%.

This suggests that monthly costs could be nearly halved compared with what Americans are paying today. For many, this will make big purchases more affordable. Of course, even if the Fed lowers rates, it may be a gradual process, so costs might not necessarily return to 2022 levels.

"I have a number of young clients for whom current interest rates have made purchasing their first homes not viable," says Tipiwa Walker, a certified financial planner. "They are currently waiting on the sidelines for rates to fall. For them, this is welcome news."

On the flip side, the Fed's benchmark rate affects savings interest rates, too. This means the earnings on high-yield savings accounts, certificates of deposit and money market accounts with interest rates currently near 5% will likely decline.

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