FILE - Cars for sale line the road at a used auto dealership in Philadelphia, Thursday, Sept. 29, 2022. spending, after the Federal Reserve indicated 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.
According to LendingTree, the average credit card interest rate in America today is 24.66%, unchanged from last month, though that rate has risen for 24 of the last 26 months. With delinquencies and debt totals also increasing for consumers, some banks are becoming more hesitant about taking on transferred balances, he said, meaning consumers will need good credit to get approval.Yields on savings accounts and certificates of deposit have been hovering at high levels, thanks to the Fed's increased interest rates, according to Ken Tumin, banking expert and founder of DepositAccounts.com.
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.
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: FoxBusiness - 🏆 458. / 53 Read more »
Source: FoxBusiness - 🏆 458. / 53 Read more »
Source: FoxBusiness - 🏆 458. / 53 Read more »
Source: CNBC - 🏆 12. / 72 Read more »
Source: BreitbartNews - 🏆 610. / 51 Read more »