How Higher Fed Rates Stand to Affect Americans’ Finances | Business News

By CHRISTOPHER RUGABER, AP Economics Writer WASHINGTON (AP) – Record-low mortgages below 3%, reached last year, are long gone. Credit card rates will likely rise. So will the cost of an auto loan. Savers may finally receive a yield high enough to top inflation. The substantial half-point hike in its benchmark short-term rate that the … Read more

Here’s what the Fed’s half-point rate hike means for your money

What the federal funds rate means to you The federal funds rate, which is set by the central bank, is the interest rate at which banks borrow and lend to one another overnight. Although that’s not the rate that consumers pay, the Fed’s moves still affect the borrowing and saving rates they see every day. … Read more

Here’s how you can prepare if there’s a 50 basis point Fed rate hike

Consumers are spending more to keep up with the surging cost of living and it may get worse before it gets better. “Even though wage growth has been the best in decades, it has been outpaced by increased household costs,” said Greg McBride, chief financial analyst at Bankrate.com. “With inflation at a 40-year high, that … Read more

How to know if the popular adjustable-rate mortgage is right for you

Lifestylevisuals | E + | Getty Images Adjustable-rate mortgages are making a comeback. With interest rates surging, more buyers are turning to ARMs, which offer lower initial rates than fixed-rate loans. However, after a certain period, the rate on the ARM adjusts to reflect current market conditions. “You have double the number of borrowers out … Read more

Here’s how to tap your home equity as mortgage rates rise

For many homeowners, the pandemic offered an unprecedented opportunity to build wealth. Those opportunities still exist, even though they are getting harder to come by. Thanks to skyrocketing housing prices, the amount of home equity is at an all-time high. As of the third quarter of last year, homeowners held $ 9.4 trillion in equity … Read more

How Fed Hikes Could Affect Mortgages, Car Loans, Card Rates | Business News

By CHRISTOPHER RUGABER, AP Economics Writer WASHINGTON (AP) – Will mortgage rates go up? How about car loans? Credit cards? How about those nearly invisible rates on bank CDs – any chance of getting a few dollars more? With the Federal Reserve signaling Wednesday that it will begin raising its benchmark interest rate as soon … Read more

Explained: Why your home and auto loan rates are set to go up despite RBI keeping repo rate unchanged

Your home and auto loans rates are set to rise as several banks, led by India’s largest public sector Bank State Bank of India have raised their marginal cost of fund-based lending rates (MCLR) in the last three days. MCLR, which came into effect from April 1, 2016, is the minimum rate below which banks … Read more

Earnings Wells Fargo WFC Q12022

Marking Wells Fargo on May 5, 2021 in New York. Bill Tombkins Michael Ochs Archives Getty Images Wells Fargo posted lower-than-expected first-quarter earnings on Thursday amid falling mortgage lending, but exceeded earnings expectations as the bank cut its credit balance. The company’s shares fell about 5% at 1:20 p.m. ET. Here are the numbers: Profits: … Read more

See what the expected increase in Fed interest rates for your wallet means

The US Federal Reserve is expected to raise interest rates on Wednesday as they look forward to curbing rising inflation. The increase in the first quarter in the interest rate of federal funds in three years will be likely lay the groundwork for additional hiking to follow. “The cumulative effect of interest rate hikes is … Read more

How to use your home for cash as equity in the home reaches a record

Whether it is a kitchen renovation or a special workplace, after a year of living, most homeowners have at least enjoyed the idea of ​​a home renovation project. However, anyone who has tried to get their home for cash may be faced with a surprise. Rising house prices have led to record home equity. By … Read more