Americans might not quickly feel the effects of the Fed's first rate cut in over four years.Getty Images; iStock; Natalie Ammari/BIThe Federal Reserve cut interest rates by 50 basis points on Wednesday.But the lag in monetary policy means it'll take time to feel the relief.It'll take a while for mortgage, car loan, and credit card rates to come down.The nation's central bank has finally cut interest rates for the first time in over four years.
When Interest-rate Cuts Will Hit Credit Cards, Car Loans, And Mortgages
asheffey@businessinsider.com (Ayelet Sheffey,Madison Hoff), Business Insider
Wed, 09/18/2024 - 11:09am
Topics: images natalie ammari/bithe federal reserve federal open market committee democratic mark hamrick bankrate erica groshen cornell university labor statistics consumer financial protection bureau michele raneri transunion immediately."the fed elizabeth renter nerdwallet cds share fed bi americans federal reserve hamrick us business insider bureau interest-rate cuts loans mortgages credit cards rates time feel lag consumers people effects balance borrowing finally cheaper banks savings senior higher pay credit-card monetary affected points high yields central making told years statement basis reduce indirectly impact fixed-rate months accounts decision relief continue impacts meaning signal planning policy
BING NEWS:
- Jumbo-sized rate cut: Fed slashes rates by a half percentage point
In a significant shift for the US economy, the Federal Reserve is expected Wednesday to announce its first interest rate cut since Covid.
09/18/2024 - 8:44 am | View Link - What Fed Interest Rate Cuts Means for Mortgages, Car Loans and More
The Federal Reserve cut its key interest rate by half a percentage point Wednesday. The rate now stands at about 4.9 percent, and some economists think it could fall another half a percentage point ...
09/18/2024 - 8:22 am | View Link - Here’s when falling interest rates will hit your mortgage, car loan, credit-card bills and savings accounts
Consumers holding off on big financial moves until interest rates fall may be waiting for some time to come, experts say. The Federal Reserve cut its benchmark interest rate by 50 basis points ...
09/18/2024 - 8:20 am | View Link - The Fed just cut interest rates. Time to tap your home equity?
When the Fed cuts interest rates, the impact on HELOCs and home equity loans can be immediate. But it varies, reflecting the different nature of these two forms of borrowing.
09/18/2024 - 7:51 am | View Link - When interest-rate cuts will hit credit cards, car loans, and mortgages
The Federal Reserve finally cut interest rates, but it could take time to see the relief reflected in credit cards, car loans, and mortgage rates.
09/18/2024 - 7:08 am | View Link - More
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