Fed Raises Rates (Again)
The Federal Reserve raised interest rates for the 16th straight time yesterday, and left open the possibility of continued increases if they turn out to be necessary to keep inflation in check. After Wednesday’s 0.25% increase, the benchmark federal funds rate now stands at 5% — the highest it’s been in just over five years. It’ll be interesting to see what (if anything) this does for savings account interest rates which have stagnated a bit since the expiration of the promotional rates from the past winter.
Published on May 11th, 2006 - 3 Comments
Filed under: Economy
email this article
- bookmark it
About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!
Related articles...
» PenFed Raises CD Rates» Capital One Jacks Up Interest Rates
» Ally Bank Raises Savings Account Interest Rate
» Everbank Raises Rates
» Washington Mutual Raises Savings Rate to 4.00% APY
» From the Archives (August 5th – August 11th)
» The Best of FCN – Selection from 08/06
» Gas Prices Falling Fast
Was this article useful? Please sign up to receive our content via e-mail:
Great deals...
Readers’ choice...
Recent articles...
- Effect of Foreclosure, Short Sale, and Bankruptcy on Your Credit Score
- DIY Garage Kayak Racks: Fast, Frugal, and Effective
- Lending Club $25 Bonus Reminder
- Coupons are a Waste?
- How to Save Money on Pet Care
- Best HSA Custodian?
- Considering a High Deductible Health Plan
- Pay Back the Homebuyer Tax Credit?
- How to Find a Good Deal
- How Much Does Your Debt Cost?
Recent comments...
- Tim Rosen: Pros and Cons: Pros: a.) A systematic discipline to save/invest on a regular basis, for a...
- Matt Jabs: @Tim: Thanks, I hope this article helps get even one person on the...
- Tim Rosen: Excellent Matt! A very practical, real-world plan that I believe anyone can "flesh out"....
- Jerry Robertson: Your article has great information about the large companies going out of business, but...
- laura: I have a foreclosure on my credit from Jan 2007 and my FICO score...
- nickel: Ron: Good question, and I have no idea as to the answer. It could...
- Christina: While foreclosures wreck less havoc on the score than a bankruptcy (according to your...
- Ron: Why do you think those large mortgage lenders are switching over to Vantage? Does...
Most talked about...
- Dave Ramsey is Bad at Math
- $8,000 Homebuyer Tax Credit
- Dish Network Customer Service SUCKS
- How to Claim the First-Time Homebuyer Tax Credit
- $15,000 Homebuyer Tax Credit
- Reduced Credit Limits? Share Your Experience
- Would the "Fair Tax" Gut the Economy?
- Tax Stimulus Rebate Payments to Start Early
- Pay Off Mortgage Early? Or Invest?
- The Best Online Savings Accounts (Updated!)
- Life's Too Short to Drink Cheap Beer
- $7500 First Time Homebuyer Tax Credit
Stumble It!
Digg It!
Tip It!
del.ico.us
Facebook
I certainly saw this coming. I refinanced to a fixed rate 15-year mortgage while the rates were low. I only missed the bottom by a quarter point. I don’t plan to refinance again. Even if I could cut the rate significantly, I’d have the mortgage paid off about the same time I made back the cost of the refi.
Comment by Anonymous — May 11th 2006 @ 11:19 amJust out of curiosity, what’s your rate on the 15-year mortgage? We currently have a 30 year fixed at 5.75%, but will end up with a 30-year at 6.375% when we move at the end of the month.