Editor’s Note: This is an updated version of a story that originally ran on November 2, 2022. In its last policymaking meeting of the year, the Federal Reserve on Wednesday raised its benchmark interest rate for the seventh time in a row, to a range of 4.25% to 4.5%. That is the highest it’s been in 15 years. In a continued bid to tame decades-high inflation, the central bank may keep pushing rates higher next year, too, albeit at a more modest pace.
5% for those with excellent credit scores, according to Bankrate. The best rate you can get would depend on your income, credit score and debt-to-income ratio. Bankrate’s advice: To get the best deal, ask a few lenders for quotes before filling out a loan application. Home loans: Lock in fixed rates now Mortgage rates have been rising over the past year, jumping more than three percentage points. The 30-year fixed-rate mortgage averaged 6.
You can thank Joe Biden for ruining the economy of the United States.
We see the highest inflation in over 40yrs. the white house tells us the economy is the strongest we have ever seen.. Why is the fed raising rate so fast? Why? to combat inflation and a recession... Stop lying to us..We know the truth..
I remember in the early 1980s when I was in real estate, mortgage rates went up to 20%, and sales couldn't close because mortgage companies were going out of business daily. So while the economy is not great now, it is a great deal better than it was then.
The economic backlash of a slowed construction sector will be the result of these high rates. The negative impact to the economy will ripple far & wide. Unfortunately, a recession will be the outcome. Let's just hope it's mild & fast!
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