The Fed keeps interest rates high for now—here's how much money it could be costing you each month

That would bring the benchmark rate down closer to 5% from an upper range of 5.5%, although it would still be a far cry from the near-zero rate through much of 2022.

To give you an idea of how much more people are paying since the Fed started hiking rates in March 2022, here's a breakdown of the increased monthly costs for various types of debt based on commonly borrowed amounts.In 2022, the average 30-year fixed rate mortgage rate was 4.3%, while the current rate is 6.9%, per Mortgage News Daily. For a mortgage loan of $330,000, monthly payments have gone from $1,633 to $2,173.$30,000 line of credit was 4.3%, while the current rate is 9.

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Fed holds interest rates steady at 23-year high, but opens the door to reducing ratesFederal Reserve policymakers on Wednesday voted to hold interest rates steady, keeping borrowing costs elevated for millions of households and businesses.
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