The economy is shifting. Interest rates are rising, the stock market is volatile, and some experts have even forecasted that we’re on the verge of another economic crisis, similar to the one in 2008. With that in mind, how are people dealing with their personal finances in the coming year?
Here are a few trends.
In December of last year, the Federal Reserve voted unanimously to raise the interest rate by 0.25%. It’s their second rate hike in as many years, with a forecast of three more in 2017. This means several things for the average consumer.
Higher interest rates for banks means higher mortgage and credit card rates for us. In 2015, when the interest rate was still near zero, the average mortgage rate for a 30-year, fixed-rate mortgage was around 3.66%. Currently, it’s 4.33%, and has been steadily on the rise all year.
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Posted by Arnaldo Rodgers on 3:15 pm, With 0 Reads, Filed under Personal Finance. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.