Despite widespread market expectations that the Federal Reserve will keep key interest rates unchanged tonight, U.S. consumer loan rates have risen slightly since policymakers pushed for a rate hike last month.
According to Mortgage News Daily (MND) data, the average rate for a 30-year fixed mortgage is currently 7.33%, up from 7.12% last month. Mortgage rates are closely correlated with the 10-year Treasury yield, which is currently slightly below 5%.
According to Bankrate data, the cost of home equity mortgages has also increased, currently at 8.77%, compared to 8.28% in September.
Savings have gained a small amount over the past month since the Fed raised rates by 25 basis points in September. According to Haver data, the average annualized yield in the money market is currently 0.45%, up 1 basis point from last month. The annualized yield (APY) for five-year time deposit certificates is 1.83%, up 8 basis points from September.
