Interest Rate Outlook 2024: What to Expect

⚖️The Federal Reserve is projected to lower short-term interest rates by 75 basis points in 2024.

🏠The decrease in interest rates will have a mild impact on mortgage rates, with only a slight decrease expected.

🚗Auto loan rates will also see a minimal decline, with rates remaining in the mid to high sixes for prime borrowers.

💳Credit card rates will not be significantly affected by the lowering of short-term interest rates, and borrowers can expect to continue paying high interest rates.

💰Savings account rates offered by major banks are already low and are unlikely to be affected by the decrease in short-term interest rates.

How much will mortgage rates decrease in 2024?

—Mortgage rates are only expected to see a slight decrease, with rates in the low 6% range for a 30-year fixed-rate mortgage.

Will auto loan rates drop significantly in 2024?

—Auto loan rates will experience a minimal decline, and prime borrowers can expect rates in the mid to high sixes for a 5-year loan on a brand new vehicle.

Will credit card rates be affected by the decrease in interest rates?

—Credit card rates will not be significantly impacted by the lowering of short-term interest rates, and borrowers can expect to continue paying high interest rates.

What can I expect from savings account rates in 2024?

—Savings account rates offered by major banks are already low, and they are unlikely to be affected by the decrease in short-term interest rates.

Is it a good time to invest in the stock market?

—The stock market has historically performed well when interest rates are lowered. However, it is important to carefully consider investment options and consult with a financial advisor.

01:59In 2024, the Federal Reserve is expected to lower short-term interest rates by 75 basis points.

05:30Mortgage rates will only see a slight decrease, with rates in the low 6% range for a 30-year fixed-rate mortgage.

08:36Auto loan rates will experience a minimal decline, and prime borrowers can expect rates in the mid to high sixes for a 5-year loan on a brand new vehicle.

10:50Credit card rates will not be significantly affected by the lowering of short-term interest rates, and borrowers can expect to continue paying high interest rates.

11:57Savings account rates offered by major banks are already low and are unlikely to be affected by the decrease in short-term interest rates.