The Fed indicated rates will remain higher for longer. What does that mean for you?

Mortgage Rates News

The Fed indicated rates will remain higher for longer. What does that mean for you?
LendingtreeMatt SchulzInterest Rates
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NEW YORK (AP) — Mortgage rates, credit card rates, auto loan rates, and business loans with variable rates will all likely maintain their highs, with...

Wednesday that it doesn’t plan to cut interest rates until it has “greater confidence” that price increases at the consumer level are slowing to its 2% target.

In the battle against credit card debt, 0% balance transfer cards “are still your best weapon,” according to Schulz, but “they’re getting harder to get and their fees are rising.” Tumin notes that “brick-and-mortar bank deposit rates continue to be slow in their movement higher,” saying that while their average rates have gone up sharply in the last year, "they are still very low compared to online rates.”

“Even in the face of relatively steep mortgage rates and high prices, now could still be a good time to buy a home,” he said. “Timing the market is virtually impossible... In that same vein, there are a lot of people who won’t be able to buy until the market becomes cheaper."A Bankrate study found that renting is cheaper than buying a typical home in all 50 of the largest U.S. metro areas. As of February, the typical monthly mortgage payment on a median-priced home in the U.S.

Canada's Finance Minister Chrystia Freeland said on Tuesday that the federal budget presented to the Parliament last month had created conditions for interest rates to come down. The government has "been very mindful of acting in such a way that would create conditions that support the decline in inflation, or creating conditions that would make it possible for the bank to bring interest rates down," she told reporters at a conference in Ottawa.

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