The Federal Reserve is expected to make its first cut to interest rates on Wednesday after more than two years of tight monetary policy.
That is up from 4.29% during the week of March 11, 2022, just prior to the Fed kicking off its first hike.
Home equity loans have also become more expensive, with rates rising to 8.49% as of last week, compared to 5.96% back in March 2022, according to Bankrate.
The Fed's tight policy has provided a silver lining to savers, however.
The annual percentage yield on a five-year certificate of deposit has jumped to 2.87%, up from 0.5% in March 2022, according to Haver.
Persons:
Bankrate, Haver, — Darla Mercado, Nick Wells
Organizations:
Federal, Mortgage News, Fed