To the relief of many investors, the Federal Reserve kept interest rates steady for now. And that trend may continue. The Fed also indicated in a statement Wednesday that no more hikes likely will be coming this year.
In 2018, high-yielding savings accounts even outperformed the stock market for the first time in over a decade. On the flip side, a pause in rate hikes may mean a reprieve in escalating borrowing costs, which can impact your mortgage, home equity loan, credit card, student loan tab and car payment.Credit card rates are already at a record high of 17.85 percent, on average, according to Bankrate.
Tacking on a 25-basis-point increase, for example, would cost credit card users roughly $1.6 billion in extra finance charges, according to a separate WalletHub analysis. Because of the previous rate hikes, credit card users paid about $11.26 billion more in 2018 than they would have otherwise, WalletHub said.
Many homeowners with adjustable-rate mortgages or home equity lines of credit, which are pegged to the prime rate, are also affected when the Fed raises rates. While some ARMs reset annually, a HELOC could adjust within 60 days.
Source: Education Headlines (educationheadlines.net)
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