U.S. consumers have begun to feel reverberations from the Federal Reserve’s interest rate hike earlier this month in some areas of their lives, but not in others. Unfortunately for those consumers, it’s all the wrong places — their savings accounts haven’t budged.
Mortgage rates jumped immediately from 4.16% to around 4.5%, and are now ticking up close to 5%. This sent the number of applications down 8.1% the following week, according to the Mortgage Bankers Association. The average…
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