Today’s Mortgage Refinance Rates
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There is room for Fed to cut rates, David Malpass says
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A rise in mortgage interest rates has led to a decline in people applying for home loans and homeowners refinancing.
One of the biggest factors influencing current CD rates is the federal-funds rate. As the Federal Reserve began cutting its benchmark rate toward the end of 2024, CD rates fell in response. However, the June 2025 decision to once again keep the Fed rate steady is likely to result in relatively stable CD interest rates for now.
The wait for a more affordable housing market is only getting longer as lingering inflation and tariff uncertainties keep the Fed in monitor mode.
Illinois homeowners face a 27% rate hike from State Farm as the insurer cites unsustainable losses. The rate increase is expected to start on Aug. 15.
The average delinquency rate accelerated to 2.79% in June from 2.33% in May and retreated from 2.90% a year earlier, according to Seeking Alpha's compilation of credit card metrics. That compares with its prepandemic mark of 2.19% in June 2019.
If you'd prefer to have ready access to your money, a high-yield savings account could be a better fit. Most CDs impose a penalty if you pull out your funds before the maturity date, but a HYSA is more flexible, allowing you to add deposits and withdraw funds as needed.
1don MSN
The Bank of Canada will hold its overnight interest rate steady at 2.75% on July 30 for the third consecutive meeting thanks to a recent rise in inflation and a fall in unemployment, according to a Reuters poll of economists that still found many expect at least two more cuts this year.
The Federal Reserve has stayed the course, stalling rate cuts as they wait to see the impact of President Donald Trump’s Tariffs. Vivian Gueler, CFO of Pacific Trust Group, spoke about mortgage rate expectations for the coming year.
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