Subscribers: How Fed's bigger, faster rate hikes will affect your credit card, mortgage, savings rates
“Homebuying has become more difficult for many in the market,” says Lending Tree senior economic analyst Jacob Channel. A silver lining, he says, is that it should cool demand for homes, slowing torrid price growth and providing buyers more options and some relief from bidding wars., were close to a two-year low. With mortgage rates continuing to rise, sales are set to fall even further, analysts said.
As Fed rates rise, banks will be able to charge a little more for loans, giving them more profit margin to pay a higher rate on customer deposits. Don’t expect a fast or equivalent increase on most savings account and CD rates, says Ken Tumin, founder of DepositAccounts.com. Since the pandemic, banks have been flush with deposits, and demand for loans has been weak because of the COVID-19-related downturn, Tumin says. In other words, most brick-and-mortar banks don't really need your money.
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