After plummeting last week to their lowest levels since early 2023, refinance rates on 30-year, 20-year, and 15-year mortgages have all jumped higher.

Members of the FOMC also provide their individual guesses on where the fed funds rate will be in the future. The consensus of those guesses is that interest rates are likely to be much lower by the end of this year, and even lower again in 2025 and 2026. Here's how many cuts could be on the table.

If five years is a bit too long to tie up your cash, consider a 3-year CD. The highest-yielding 3-year CD we’ve found, also offered by Lafayette Federal Credit Union, has an APY of 4.52% and a minimum opening deposit of $500. If you put $5,000 in the account, after three years you’d have $5,709.11, earning $709.11 in interest.

The Federal Reserve just lowered its benchmark rate by 0.50 percentage points. Here's how the move could impact your finances.

Today’s interest rate for a 15-year fixed-rate mortgage is 5.125%, which is unchanged from yesterday. The monthly payment for a $250,000 mortgage with a 15-year term and a fixed interest rate of 5.5% would be $2,042.71. The payment for the same loan with a 6% interest rate would be $2,109.64.

The Federal Reserve's historic rate cut this week could usher in a period of lower mortgage rates. Predicting the financial market’s next move has never been simple. Experts must consider a plethora of shifting economic variables,

In the first week of January, mortgage rates averaged around 6.62%, already elevated compared to historical norms. By late March, they had surged to 6.94%, and by the first week of May, they had reached their peak for the year at 7.22% — up by about 0.6% from the start of 2024.