Who Won the U.S. Presidential Debate?

Credit cards

Since most credit cards have a variable rate, there's a direct connection to the Fed's benchmark. Because of the central bank's rate hike cycle, the average credit card rate rose from 16.34% in March 2022 to more than 20% today — near an all-time high. Going forward, annual percentage rates will start to come down, but even then, they will only ease off extremely high levels. With only a few cuts on deck for 2024, APRs would still be around 19% in the months ahead, according to McBride. "Interest rates took the elevator going up, but they'll be taking the stairs coming down," he said. That makes paying down high-cost credit card debt a top priority since "interest rates won't fall fast enough to bail you out of a tight situation," McBride said. "Zero percent balance transfer offers remain a great way to turbocharge your credit card debt repayment efforts."

Mortgage rates

Although 15- and 30-year mortgage rates are fixed, and tied to Treasury yields and the economy, anyone shopping for a new home has lost considerable purchasing power in the last two years, partly because of inflation and the Fed's policy moves. But rates are already significantly lower than where they were just a few months ago. Now, the average rate for a 30-year, fixed-rate mortgage is around 6.3%, according to Bankrate.

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