Another month, another Federal Reserve interest rate hike.
, the second hike of this magnitude in just two months by the U.S. central bank in its quest to rein in
“It is essential that we bring inflation down to our 2% goal if we are to have a sustained period of strong labor market conditions that benefit all,” said Federal Reserve chairman Jerome Powell at a press conference Wednesday. With inflation so bad right now, mortgage rates rose throughout the spring and have stayed high into the summer.
Now, homes are starting to sit on the market longer, and more sellers are cutting prices to find buyers. Builders started fewer homes in June than they did in May. Ever since the pandemic began and the Fed dropped interest rates, the average interest rate for a typical savings account hovered around 0.06%,Now, with the Fed’s benchmark rate rising, interest rates are ticking up, too. Some banks, especially internet banks, are starting to offer interest rates on savings accounts of 1% or more.
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