Savings, Lending Rates Decline in Wake of Fed
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Savings and lending rates slid again during the last week as the Federal Reserve’s surprise half-point interest rate cut Jan. 3 continues to filter through markets.
The average annualized yield on one-year bank savings certificates nationwide fell 0.19 point to 5.28% as of Wednesday, according to rate tracker IMoneyNet Inc. The rate had fallen 0.20 point the previous week.
The average seven-day compound yield on money market mutual funds fell to 5.86% this week from 5.96% last week and 6.09% the week before that, IMoneyNet said.
The good news for consumers: Borrowing rates are coming down as well. The average rate charged by banks for home equity lines of credit fell 0.18 point to 9.45% this week. The average rate on personal secured loans fell 0.24 point to 10.3%.
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