"Yet another rate hike from the Fed means today's sky-high credit card interest rates will rise even further in the very near future," said Matt Schulz, chief credit analyst at LendingTree. Cardholders should expect their current cards' interest rates to rise in the next billing cycle or two, he said.
The average rate for a 30-year, fixed-rate mortgage currently sits at 6.48%, according to Bankrate, down slightly from November's high but still much higher than it was a year ago. "While borrowers can save money relative to what they would have paid for a mortgage a few months ago, they're still going to be shelling out much more than they would have had they bought a home at the start of last year," said Jacob Channel, senior economic analyst at LendingTree.
"All in all, there's no getting around just how tough today's housing market is for many people to break into and navigate." They're still going to be shelling out much more than they would have had they bought a home at the start of last year.
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