Interest rates have reached their highest point in 15 years
Editor’s Note: This is an updated version of a story that originally ran on November 2, 2022. In its last policymaking meeting of the year, the Federal Reserve on Wednesday raised its benchmark interest rate for the seventh time in a row, to a range of 4.25% to 4.5%. That is the highest it’s been in 15 years. In a continued bid to tame decades-high inflation, the central bank may keep pushing rates higher next year, too, albeit at a more modest pace.
5% for those with excellent credit scores, according to Bankrate. The best rate you can get would depend on your income, credit score and debt-to-income ratio. Bankrate’s advice: To get the best deal, ask a few lenders for quotes before filling out a loan application. Home loans: Lock in fixed rates now Mortgage rates have been rising over the past year, jumping more than three percentage points. The 30-year fixed-rate mortgage averaged 6.
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