The banking sector is central to many after a number of unexpected bank failures and steps taken by US regulators to bolster confidence in the financial system. Every time the Fed raises interest rates, the lending rates that banks charge their customers tend to follow. This means that consumer debt – especially variable-rate credit card…
For the week ending April 27, it averaged 6.43%, up slightly from the previous week’s 6.39%. A year ago, the 30-year fixed rate was 5.10%. Mortgages are not directly linked to the Fed’s interest rate decisions, but instead are fluctuations in the yield on the 10-year Treasury note, the benchmark interest rate for many consumer…
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