But that doesn’t mean as a result interest rates are now low — or will soon be low.
“‘Falling interest rates’ are not the same as ‘low interest rates.’ Interest rates are high and will only decline to ‘not as high’ as … we move into 2025,” said Greg McBride, chief financial analyst at Bankrate.
Credit cards: Just before the Fed cut its key rate in September, the average credit card rate was 20.78%, according to Bankrate.
Another option: Try transferring your balance to a credit card from a credit union or local bank.
Before the Fed’s September rate cut many of those accounts were offering yields between 4.25% and 5.3%, according to those listed on Bankrate.com.
Persons:
”, Greg McBride, Matt Schulz, Chris Diodato, they’re, Freddie Mac, Sam Khater, Freddie Mac’s, ” McBride, Sinead Colton Grant, Colton Grant, “, Don’t, Diodato, you’re, BNY, they’ve
Organizations:
CNN, Reserve, Bankrate, Fed, LendingTree, Treasury, Savings
Locations:
Treasuries