Federal Reserve governor Michelle Bowman on Monday said the central bank should consider cutting its key interest rate as soon as its next meeting in July, underscoring deep divisions among Fed officials as they endure sharp criticism from the White House.

Ticker: Federal Reserve’s Bowman says rate cut should be on table in July; Compass files lawsuit against Zillow

Changes to the Fed rate directly affect the rates lenders charge for most loans, while other Federal Reserve policies can encourage banks to accept or reject more loan applications. Here's what to know before you apply or refinance.