From CNBC: 2024-05-02 15:36:27

Consumers are awaiting the Federal Reserve meeting on April 30 to May 1, 2024, to see if interest rates will be lowered. This comes after the Fed decided to keep rates at 5.25% to 5.5% in March. The FOMC continues to monitor inflation, employment, and other economic factors to decide on rate adjustments.

The Fed meets eight times a year to discuss the federal funds rate and its impact on borrowing and lending. The FOMC has predicted three quarter-point rate cuts in 2024, but uncertainty remains. Important meetings are scheduled for June, July, September, November, and December 2024.

Interest rates set by the FOMC impact the rates banks charge consumers. Inflation factors into these decisions, and the fed funds rate has remained at 5.25% to 5.50% since July 2023. The high rate may impact borrowing costs for consumers, such as increased credit card interest rates.

Improving your credit score is vital for securing competitive loan rates. On-time payments, higher credit limits, and avoiding new lines of credit can help boost your score. Services like eCredable Lift® can report positive utility payments to credit agencies, which may positively impact your score for a monthly fee.

Consider refinancing your mortgage or student loans after the Fed lowers interest rates. Institutions like Ally Bank and SoFi offer competitive rates and terms for refinancing, potentially saving you thousands. Additionally, paying off high-interest credit card balances before rates increase could be beneficial.

Stay updated on financial news and make informed decisions with resources like CNBC Select. Expert advice and timely information can help you maximize your money management strategies. Sign up for newsletters and follow financial news platforms to stay informed about potential rate cuts and their impact on borrowing and lending.



Read more at CNBC: When Will Interest Rates Go Down?