According to the latest data from The Mortgage Bankers Association, the average interest rate on the 30-year fixed-rate mortgage is now near 7%. So, buyers have lost major purchasing power making it more difficult than ever if you’re looking to buy a home. Credit cards: According to Bankrate, annual percentage rates are “closing in on 19%,” on average, up from 16.3% at the beginning of the year. Auto Loans: Even though auto loans are fixed, payments are getting bigger because the price for all cars is rising along with the interest rates on new loans, so if you are planning to buy a car, you’ll shell out more in the months ahead. And then Student Loans: The interest rate on federal student loans taken out for the 2022-2023 academic year already rose to 4.99%, up from 3.73% last year and 2.75% in 2020-2021. It won’t budge until next summer: Congress sets the rate for federal student loans each May for the upcoming academic year based on the 10-year Treasury rate. That new rate goes into effect in July. On the upside, the interest rates on some savings accounts are also higher after consecutive rate hikes. You can reach us at yoursafemoneyshow.com.
No comments:
Post a Comment