If the Federal Reserve cuts rates next week as predicted, and Kevin Hassett becomes Fed Chair, where will rates be at this time next year?

For some investors, they bet on a vehicle known as "Federal Funds futures" to hedge. For others, it's just that — a bet.

And that will impact businesses, the housing market and consumers.

The federal funds rate, set by the Federal Reserve, is just the first layer that goes into determining mortgage rates.