The Fed just raised rates. Here’s what it means for borrowers and savers

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For the first time in more than three years, members of the Federal Open Market Committee unanimously decided to hike the Fed’s key overnight bank lending rate by a quarter point in a bid to reduce inflation, which remains well above the central bank’s 2% target.

And 16 of the 18 FOMC officials forecast another rate hike later this year.

The effect of the Fed’s decision on your savings and debts – which also may be affected by higher yields on the 10-year and other Treasuries – will vary.

If you’re already in a fixed-rate bank savings product like a certificate of deposit, or a fixed-rate loan such as a home equity or auto loan, you won’t see any changes. Those rates are locked in. (Ditto if you own individual Treasury bonds and do not plan to sell them before maturity.)

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Fed raises interest rates for the first time since 2023

But if you plan to put money into a new savings vehicle or take out a new loan in the coming months, you will soon start seeing changes in the rates on offer. The same is true for any money you currently have that is tied to variable-rate products like a high-yield savings account or credit card.

The speed at which those bank rates will change, however, won’t be uniform. Generally speaking, the biggest banks may move fastest to raise the rates they charge borrowers and slowest to raise the rates they pay savers.

Smaller community banks and online banks, however, may be quicker to respond to a hike in the Fed funds rate to the benefit of savers. That’s especially the case if they’re seeking to attract more in deposits so they can make more loans, said Patrick Ryan, president and CEO of First Bank.

Here’s a breakdown of how the Fed’s latest decision may affect different types of savings and debts and where you might find the best rates going forward.

Seeking better yields for your savings or just wondering if you’re already in the best position to get them? Consider:

Online high-yield savings accounts: Regular savings accounts pay the equivalent of bunk – as in less than 1% and in many cases less than 0.05%. Your best yields for quick-access emergency savings and money you’ve set aside for upcoming anticipated expenses will be found in online high-yield savings accounts at FDIC-insured banks.

They have variable rates that should go up within the next month following the Fed hike, said Ken Tumin, cofounder of DepositQuest.com .

The average rate on offer from the five largest online banks (e.g., Ally and Marcus) was 3.14% on Monday, according to Tumin’s site. It also listed a handful of banks offering variable annual percentage yields ranging between 4.1% and 4.34%.

Certificates of deposit: These fixed-rate products offered by FDIC-insured banks are sold by the banks themselves – or, for a wider menu of options from banks everywhere you can buy a so-called brokered CD online. On Wednesday morning, CDs of varying durations up to 10 years had average annual percentage yields ranging between 4.1% and 5% on Schwab.com .

For example, the average APY for a 6-month CD was 4.14% and 4.9% for a 5-year CD.

While CD rates are tied to Fed moves, when a bank is seeking deposits or is competing with higher bond yields that may attract savers, it may raise its CD rates by more than a Fed rate hike, Ryan said, noting the average CD holder is “a more rate-sensitive customer.”

US Treasury bonds: The range in average yields-to-maturity for Treasury bills and notes of varying durations up to 10 years was roughly similar to that of CDs – between 4.1% and 4.99% on Schwab.com on Wednesday.

US Treasury bonds offer fixed, inflation-beating returns for almost no risk, since they are backed by the full faith and credit of the United States. They’re helpful when you want to park money that you won’t need immediately or to build an income-producing portfolio, since they pay out predictable interest income every year.

And they are more tax friendly than CDs, since Treasury bond interest is exempt from state and local income taxes. “If you’re in a high-tax state, Treasuries have an advantage over CDs,” Tumin said.

You will get the same tax advantage if you buy Treasury Inflation-Protected Securities (TIPS) or I bonds .

Separately, AAA-rated municipal bonds, which are issued by state and local governments, were offering average yields to maturity between 2.85% for six-month paper and 4.99% for 10-year durations on Wednesday. Muni income is typically exempt from federal income tax and also may be exempt from state and local income taxes if you buy one issued by your home state or city.

Money market funds: Money market mutual funds, which typically invest in short-term government debt, short-term top-grade corporate debt and CDs, are likely to respond within a week or two to a rise or fall in bond yields, Tumin said.

The average 7-day yield on the top 100 money market funds was 3.51% as of Tuesday, according to Crane Data. Two of the biggest money market funds – Vanguard Federal Money Market Fund and Fidelity Treasury Money Market Fund had 7-day yields of 3.63% and 3.36% respectively.

A higher Fed rate coupled with higher bond yields means higher debt burdens for borrowers.

Credit cards: The average credit card rate is currently 19.56%, more than a percentage point below its all-time high hit in August of 2024, according to data from Bankrate. But consider that a distinction without a difference. The average credit card rate is punitively high if you carry a balance from month to month.

You can expect to see banks raise their credit card rates within a month or two, Tumin said.

If you can’t pay off in full what you owe now or anytime soon, see if you qualify for a balance transfer card that will give up to 21 months interest-free to pay down your balance. If that doesn’t work, see if a bank is willing to give you a personal loan at a fixed rate far below what you’re currently paying and use the money to pay off your credit cards.

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Median US income rises to highest on record even as Americans feel affordability pinch

Mortgages: The average 30-year fixed mortgage rate was 6.76% last week, according to Freddie Mac, up from 6.3% a year ago and above the 5.9% it hit briefly in February.

Mortgage rates are most closely tied to movement in the 10-year Treasury yield, which crossed 5% this week, hitting its highest level since 2007. It typically moves in anticipation of the Fed’s next move and on economic data, including inflation.

The Fed’s rate hike this week may help calm the bond market, preventing the 10-year yield from rising further and maybe even falling. What would that mean for mortgage rates?

“In 2025, when the Fed was cutting rates, mortgage rates went up. So, who’s to say that in 2026, if the Fed raises rates, mortgage rates can’t come down?” said Melissa Cohn, a regional vice president of William Raveis Mortgage. ( Here’s what other mortgage experts think.)

Auto loans: Like mortgages, auto loan rates are driven (no pun intended) by Treasury yields more than the Fed rate. But those yields often are responsive to anticipation of Fed moves.

And, like Treasury yields and car prices, the cost of financing a car purchase has remained elevated this year. In August, the average transaction price for a new car was $49,121, up from $48,658 in January, according to data from Edmunds.com . The average amount financed was $44,658 at a 7% rate. That’s up from an average loan size of $43,597 at 6.8% in January. The average loan term was 70.4 months in August, up from 70 months at the start of the year.

The upward trend is similar for used car loans, for which the average monthly payment in August was $582, up from $558 in January.

Whether auto loan rates rise or fall in the wake of Wednesday’s Fed decision, a quarter-point change might only add or subtract a few dollars on the monthly payment for a $40,000 loan, according to Joseph Yoon, consumer insights analyst at Edmunds.

But you can take steps to get the best rate available if you make sure your credit score is strong and look for a good deal.

“What car shoppers should keep their eye on is manufacturer incentive financing, where automakers have the ability to use low promotional rates to clear inventory regardless of broader economic impacts like rate hikes,” Yoon said.

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为降低通胀，美联储公开市场委员会成员三年多来首次一致决定将美联储的关键隔夜银行贷款利率上调0.25个百分点，目前通胀率仍远高于美联储2%的目标。

18 位联邦公开市场委员会 (FOMC) 官员中有 16 位预测今年晚些时候将再次加息。

美联储的决定对你的储蓄和债务的影响——也可能受到 10 年期国债和其他国​​债收益率上升的影响——将有所不同。

如果您已经持有固定利率的银行储蓄产品（例如定期存款）或固定利率贷款（例如房屋净值贷款或汽车贷款），则不会受到任何影响。这些利率已被锁定。（如果您持有个人国债且不打算在到期前出售，情况也是如此。）

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美联储自2023年以来首次加息

但如果您计划在未来几个月内将资金存入新的储蓄账户或申请新的贷款，您很快就会发现利率有所变化。对于您目前持有的任何与浮动利率产品（例如高收益储蓄账户或信用卡）挂钩的资金，情况也是如此。

然而，这些银行利率的变化速度并不会统一。一般来说，规模最大的银行可能最快提高借款利率，而最慢提高储户利率。

然而，规模较小的社区银行和网上银行可能会更快地对联邦基金利率上调做出反应，从而使储户受益。第一银行总裁兼首席执行官帕特里克·瑞安表示，如果这些银行希望吸引更多存款以发放更多贷款，情况尤其如此。

以下是美联储最新决定可能对不同类型的储蓄和债务产生的影响，以及未来哪里可以找到最佳利率的详细说明。

想让您的储蓄获得更高收益，或者只是想知道您是否已经处于获得最高收益的最佳位置？请考虑以下几点：

网上高收益储蓄账户：普通储蓄账户的收益率几乎为零——通常低于1%，很多情况下甚至低于0.05%。如果您想快速提取应急资金或为即将到来的预期支出预留资金，那么在联邦存款保险公司（FDIC）承保的银行开设的网上高收益储蓄账户才是最佳选择。

DepositQuest.com 联合创始人 Ken Tumin 表示，这些贷款采用浮动利率，美联储加息后，利率应该会在下个月上涨。

据Tumin网站显示，周一五大在线银行（例如Ally和Marcus）的平均利率为3.14%。该网站还列出了一些提供浮动年利率的银行，利率范围在4.1%至4.34%之间。

定期存单：这些由联邦存款保险公司 (FDIC) 承保的银行提供的固定利率产品由银行自行销售——或者，如果您想获得更多来自各地银行的选择，也可以在线购买所谓的经纪定期存单。周三上午，在 Schwab.com 网站上，期限最长为 10 年的定期存单的平均年收益率在 4.1% 到 5% 之间。

例如，6 个月定期存款的平均年利率为 4.14%，5 年定期存款的平均年利率为 4.9%。

Ryan表示，虽然定期存款利率与美联储的举措挂钩，但当银行寻求存款或与可能吸引储户的更高债券收益率竞争时，它可能会将定期存款利率提高到比美联储加息幅度更大的程度，并指出普通定期存款持有者是“对利率更为敏感的客户”。

美国国债：周三，在 Schwab.com 网站上，期限不超过 10 年的国库券和国债的平均到期收益率范围与 CD 的到期收益率范围大致相同，介于 4.1% 至 4.99% 之间。

美国国债提供固定且高于通胀的收益，风险几乎为零，因为它们由美国政府的全部信誉担保。如果您想存放暂时不需要的资金，或者构建一个收益型投资组合，美国国债都是不错的选择，因为它们每年都会支付可预测的利息收入。

而且，国债比定期存单（CD）更具税收优惠，因为国债利息免征州和地方所得税。“如果你所在的州税率很高，那么国债比定期存单更有优势，”图明说。

购买通胀保值债券（TIPS）或 I 类债券，您将获得同样的税收优惠。

此外，由州和地方政府发行的AAA级市政债券，周三的平均到期收益率在2.85%（六个月期）至4.99%（十年期）之间。市政债券收益通常免征联邦所得税，如果您购买的是您所在州或市发行的市政债券，则可能还免征州和地方所得税。

图明表示，货币市场基金：货币市场共同基金通常投资于短期政府债券、短期优质公司债券和定期存单，可能会在一两周内对债券收益率的上升或下降做出反应。

根据Crane Data的数据，截至周二，排名前100位的货币市场基金的7天平均收益率为3.51%。其中两只规模最大的货币市场基金——先锋联邦货币市场基金和富达国债货币市场基金的7天收益率分别为3.63%和3.36%。

美联储利率上升，加上债券收益率上升，意味着借款人的债务负担加重。

信用卡：根据Bankrate的数据，目前信用卡平均利率为19.56%，比2024年8月创下的历史最高纪录低了一个百分点以上。但这其实无关紧要。如果你每月都拖欠信用卡余额，那么平均利率仍然高得令人难以接受。

图明表示，预计一两个月内银行就会提高信用卡利率。

如果您现在或短期内无法全额偿还欠款，可以尝试申请一张余额转移信用卡，这种信用卡最多可提供 21 个月的免息期，让您有充足的时间偿还欠款。如果这种方法行不通，可以看看银行是否愿意以远低于您当前利率的固定利率向您提供个人贷款，然后用这笔钱来偿还信用卡欠款。

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尽管美国人感到生活成本压力，但美国收入中位数仍升至历史最高水平。

抵押贷款：据房地美（Freddie Mac）的数据，上周30年期固定抵押贷款的平均利率为6.76%，高于一年前的6.3%，也高于2月份短暂触及的5.9%。

抵押贷款利率与10年期美国国债收益率的走势最为密切相关，本周10年期美国国债收益率突破5%，达到2007年以来的最高水平。抵押贷款利率的走势通常会受到美联储下一步行动以及包括通胀在内的经济数据的影响。

美联储本周加息或许有助于稳定债券市场，防止10年期国债收益率进一步上涨，甚至可能下跌。这对抵押贷款利率意味着什么？

“2025年，美联储降息时，抵押贷款利率却上升了。那么，谁又能断言2026年美联储加息时，抵押贷款利率就不会下降呢？”威廉·雷维斯抵押贷款公司区域副总裁梅丽莎·科恩说道。（以下是其他抵押贷款专家的观点。）

汽车贷款：与抵押贷款类似，汽车贷款利率更多地受国债收益率而非美联储利率的影响（此处并无双关之意）。但国债收益率通常会对美联储的政策动向做出反应。

与国债收益率和汽车价格一样，今年购车融资成本也居高不下。根据 Edmunds.com 的数据，8 月份新车平均交易价格为 49,121 美元，高于 1 月份的 48,658 美元。平均贷款金额为 44,658 美元，利率为 7%。这高于 1 月份的平均贷款金额 43,597 美元和 6.8%。8 月份的平均贷款期限为 70.4 个月，高于年初的 70 个月。

二手车贷款也呈现类似的上涨趋势，8 月份的平均月供为 582 美元，高于 1 月份的 558 美元。

据 Edmunds 消费者洞察分析师 Joseph Yoon 称，无论美联储周三的决定导致汽车贷款利率上升还是下降，0.25 个百分点的变化可能只会使 4 万美元贷款的月供增加或减少几美元。

但是，如果你确保自己的信用评分良好，并寻找优惠的交易，就可以采取措施获得最佳利率。

Yoon表示：“购车者应该关注的是制造商的激励融资方案，汽车制造商可以利用较低的促销利率来清理库存，而无需考虑利率上涨等更广泛的经济影响。”