08/01/2026
Fed holds rates steady: What it means for credit cards, savings accounts, mortgages and auto loans
Article By Jessica Dickler, Published on CNBC, Wed, Jul 29, 2026
Click on the link for Full Article:
https://www.cnbc.com/2026/07/29/fed-interest-rates-credit-cards-mortgages-auto-loans-debt-savings-accounts.html
Excerpt from article:
“Key Points
• The Federal Reserve kept interest rates unchanged at the conclusion of its July meeting.
• The central bank’s benchmark rate influences a wide range of consumer borrowing and savings costs, including mortgages, credit cards, car loans and deposit rates.
• Although President Donald Trump has said that the U.S. “should have the lowest interest rate in the world,” energy-price hikes from the Iran war have complicated the picture for Fed Chairman Kevin Warsh and the Fed’s Board of Governors.”
“Similarly, 15- and 30-year fixed mortgage rates don’t directly track the Fed’s benchmark rate but also follow the lead of long-term Treasury rates. With renewed tensions between the U.S. and Iran, mortgage rates have already moved near a one-year high, according to Mortgage News Daily. The average rate for a 30-year, fixed-rate mortgage was 6.76% as of July 28.
“It may take either another lower-than-expected inflation reading or an uptick in jobless claims before mortgage rates can break below their current range,” said Jeff DerGurahian, LoanDepot’s chief investment officer and head economist.”
The Fed's benchmark affects many of the interest rates consumers see every day, including those tied to mortgages, credit cards, car loans and savings accounts.
