The Fed indicated rates will remain higher for longer. What does that mean for you?
10 months, 3 weeks ago

The Fed indicated rates will remain higher for longer. What does that mean for you?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors }} Mortgage rates, credit card rates, auto loan rates, and business loans with variable rates will all likely maintain their highs, with consequences for consumer spending, after the Federal Reserve indicated Wednesday that it doesn’t plan to cut interest rates until it has “greater confidence” that price increases at the consumer level are slowing to its 2% target. Tumin notes that “brick-and-mortar bank deposit rates continue to be slow in their movement higher,” saying that while their average rates have gone up sharply in the last year, "they are still very low compared to online rates.” The average savings account yield for all banks and credit unions, of which the vast majority are brick-and-mortar, is 0.52% as of April 24th. “Even in the face of relatively steep mortgage rates and high prices, now could still be a good time to buy a home,” he said. While vehicle prices have steadied through late 2023 and early 2024, Bankrate Chief Financial Analyst Greg McBride predicts that high interest rates on auto loans will linger for those with weak credit profiles.

History of this topic

Average US rate on a 30-year mortgage rises slightly for the second week in a row
1 week, 3 days ago
Mortgage rates have declined but could stay at a level that makes it tough to afford a home
3 weeks, 3 days ago
Average US rate on a 30-year mortgage slips to 8-week low after fifth-straight weekly decline
1 month, 1 week ago
Average US rate on a 30-year mortgage eases to 6.87%, fourth straight weekly decline
1 month, 2 weeks ago
Average US rate on a 30-year mortgage falls to 6.89%, third straight weekly decline
1 month, 3 weeks ago
Average rate on 30-year mortgage eases for second week in as row, but remains just below 7%
1 month, 4 weeks ago
Average rate on 30-year mortgage slips below 7% after climbing five weeks in a row
2 months ago
Mortgage rates have hit 7%. What should people searching for a home do?
2 months, 1 week ago
Average rate on 30-year mortgage hits 7% after 5th straight increase, now highest level since May
2 months, 1 week ago
Mortgage rates have climbed above 7%. Here's how we got here and what it means
2 months, 2 weeks ago
Average US long-term mortgage rate inches up to 6.93% this week for fourth straight increase
2 months, 2 weeks ago
Average US long-term mortgage rate inches up to 6.93% this week for fourth straight increase
2 months, 2 weeks ago
Average U.S. long-term mortgage rate inches up for fourth straight increase
2 months, 3 weeks ago
Average rate on a 30-year U.S. mortgage hits 6.91%, according to Freddie Mac, the highest since July
2 months, 3 weeks ago
Mortgage rates inch closer to 7% to close out 2024
2 months, 4 weeks ago
Average rate on a 30-year mortgage climbs to 6.85%, highest since July, as bond yields keep rising
3 months ago
The Fed expects to cut rates more slowly in 2025. What that could mean for mortgages, debt and more
3 months, 1 week ago
Average rate on 30-year mortgage snaps 3-week slide and rises to highest level since late November
3 months, 1 week ago
Interest rates held at 4.75%: What it means for your mortgage and savings
3 months, 1 week ago
The Fed expects to cut rates more slowly in 2025. What that could mean for mortgages, debt and more
3 months, 1 week ago
U.S. Federal Reserve is set to cut key rate but consumers might not feel much benefit anytime soon
3 months, 1 week ago
Economists’ 2025 housing market forecasts largely call for mortgage rates to stay above 6% next year
3 months, 2 weeks ago
Average rate on 30-year mortgage hits 6.6%, its third straight weekly decline
3 months, 2 weeks ago
Average rate on a 30-year mortgage in the US slips to 6.81%
4 months ago
Mortgage rates: Bad news if you’re looking to buy a house in the next two years
4 months, 1 week ago
Average rate on a 30-year mortgage in the US rises to highest level since July
4 months, 1 week ago
Average rate on a 30-year mortgage in the US rises to highest level since July
4 months, 1 week ago
Trump enters just as the Fed is shifting its focus
4 months, 3 weeks ago
Mortgage rates are rising. Experts cite economic strength, inflation and possible Trump win
4 months, 4 weeks ago
Mortgage Rates Continue to Rise as Economic Data Remains Strong
5 months ago
Why mortgage rates have gone up, and when they might settle
5 months, 2 weeks ago
Fed cuts interest rates by half point for first time in years. Here’s what that means for you
6 months, 1 week ago
US Federal Reserve is finally lowering rates: Here's what consumers need to know
6 months, 1 week ago
Will interest rate decline shake up California housing market?
6 months, 1 week ago
Fed leader, concerned about jobs downturn, tees up interest rate cuts
7 months, 1 week ago
Wall Street 'Oracle' reveals the mortgage rate magic number which will get the housing market moving
7 months, 2 weeks ago
Average rate on a 30-year mortgage falls to 6.73%, lowest level since early February
7 months, 4 weeks ago
Average rate on a 30-year mortgage drops to 6.77%, sliding to lowest level since March
8 months, 1 week ago
Average rate on a 30-year mortgage drops to 6.77%, sliding to lowest level since March
8 months, 1 week ago
Average rate on a 30-year mortgage eased this week to 6.86%, lowest level since early April
9 months ago
Average long-term US mortgage rate falls again, easing to lowest level since early April
9 months, 1 week ago
High US interest rates forever: Do not count on this scenario
9 months, 4 weeks ago
Average long-term US mortgage rate snaps five-week string of increases, but remains above 7%
10 months, 3 weeks ago
The Fed indicated rates will remain higher for longer. What does that mean for you?
10 months, 3 weeks ago
The Fed indicated rates will remain higher for longer. What does that mean for you?
10 months, 3 weeks ago
Fed officials vote to hold interest rates steady at 23-year-high - here's what it means for YOUR wallet
10 months, 4 weeks ago
Federal Reserve says interest rates will stay at two-decade high until inflation further cools
10 months, 4 weeks ago
Fed keeps interest rates at 23-year high
10 months, 4 weeks ago
It’s not just the Fed driving up your mortgage rate
11 months ago

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