Latest news with #nationalAverage
Forbes
4 days ago
- Business
- Forbes
Money Market Interest Rates Today: June 6, 2025 - Rates At 4.89%
As of today, the highest money market rate is 4.89%, compared to a national average rate of 0.53%, according to Curinos. Here are today's money market account rates: Money market account are interest-bearing deposit accounts that work similarly to savings accounts. You deposit money whenever you have some to spare and it grows more interest the longer you leave it alone. These accounts are insured by the Federal Deposit Insurance Corp. (FDIC) for banks and the National Credit Union Administration (NCUA) for credit unions up to $250,000 per depositor. Money market accounts offer convenient fund accessibility, often including checks and debit cards, though you might be limited to six monthly transactions. Compared to regular savings accounts, money market accounts usually offer higher interest rates. However, they tend to require higher minimum deposits and balances to earn these. Before opening a money market account, check out different options at various banks or credit unions. In addition to shopping around for the highest rates, you'll want to compare minimum balance and deposit requirements, monthly fees and withdrawal limits. Look for an account that offers competitive rates you can easily qualify for. You can typically submit an application for a money market account online or in person at a branch. The application will ask you to provide basic information, including your name, address, Social Security number, employment status and income. You will probably need to present a government-issued ID as well. After being approved, you can make your first deposit. Money market accounts work like savings accounts in some ways and like checking accounts in others. Both MMAs and savings accounts: Similar to checking accounts and unlike most savings, money market accounts: Money market rates are variable and can change when economic conditions change, such as when the Federal Reserve alters interest rates or due to circumstances at a specific bank. There is no set schedule for when or by how much MMA rates change, so be on the lookout for notifications from your financial institution. Banks set money market account rates. The specific rate offered by an institution reflects the general interest rate environment and the bank's economics. For instance, a new online-only financial institution may offer a high rate to gain customers, whereas an established bank could count on generations of depositors. You can use a money market account calculator to see how much interest you'll earn. The amount of interest you earn is determined by the principal amount you deposit, the interest rate offered by your bank and the amount of time you save.
Wall Street Journal
22-05-2025
- Business
- Wall Street Journal
Mortgage Rates Today, May 22, 2025: 30-Year Rates Rise to 6.94%
Mortgage rates are up today, but still under 7%. Today's national average on a 30-year fixed-rate mortgage is 6.94%, according to Bankrate. If you choose a 15-year fixed-rate mortgage, the average rate is 6.12%. Mortgage rates continue inching higher this week, although refinance rates are slightly down. The latest Federal Reserve decision to maintain the current benchmark has many markets, including the housing market, in wait-and-see mode. Additionally, inflation has cooled slightly, rising only 0.2% in April. Overall, inflation is at 2.3% year-over-year, which is close to the Federal Reserve's target of 2%. Mortgage rates aren't directly impacted by the Fed, but commentary from policymakers can impact how people feel about the economy and whether they feel comfortable buying a home. The 10-year Treasury note is the basis for 30-year mortgage rates, and it has been fluctuating somewhat. Even though the latest auction put the 10-year note at 4.25%, the bond market is on the move again, accounting to some degree for the slight uptick in 30-year mortgage rates this week. Top mortgage rates today Current mortgage rates are up today, higher than they were seven days ago but lower than in early 2025, when the average 30-year fixed-rate mortgage reached above 7%. Even though Federal Reserve policy doesn't directly impact today's mortgage rates, they have been easing since the Fed began cutting rates in late 2024, and policymakers have been holding rates steady in 2025. Mortgage rates change regularly, so compare offers and consider the personal and market factors that influence your quoted mortgage rate.
Forbes
08-05-2025
- Business
- Forbes
Money Market Interest Rates Today: May 8, 2025 - Rates At 4.89%
As of today, the highest money market rate is 4.89%, compared to a national average rate of 0.53%, according to Curinos. Here are today's money market account rates: Money market account are interest-bearing deposit accounts that work similarly to savings accounts. You deposit money whenever you have some to spare and it grows more interest the longer you leave it alone. These accounts are insured by the Federal Deposit Insurance Corp. (FDIC) for banks and the National Credit Union Administration (NCUA) for credit unions up to $250,000 per depositor. Money market accounts offer convenient fund accessibility, often including checks and debit cards, though you might be limited to six monthly transactions. Compared to regular savings accounts, money market accounts usually offer higher interest rates. However, they tend to require higher minimum deposits and balances to earn these. Before opening a money market account, check out different options at various banks or credit unions. In addition to shopping around for the highest rates, you'll want to compare minimum balance and deposit requirements, monthly fees and withdrawal limits. Look for an account that offers competitive rates you can easily qualify for. You can typically submit an application for a money market account online or in person at a branch. The application will ask you to provide basic information, including your name, address, Social Security number, employment status and income. You will probably need to present a government-issued ID as well. After being approved, you can make your first deposit. Money market accounts act like a hybrid between savings accounts and a checking account. Both MMAs and savings accounts: Similar to checking accounts and unlike most savings, money market accounts: Money market rates are variable and can change when economic conditions change, such as when the Federal Reserve alters interest rates or due to circumstances at a specific bank. There is no set schedule for when or by how much MMA rates change, so be on the lookout for notifications from your financial institution. Banks set money market account rates. The specific rate offered by an institution reflects the general interest rate environment and the bank's economics. For instance, a new online-only financial institution may offer a high rate to gain customers, whereas an established bank could count on generations of depositors. You can use a money market account calculator to see how much interest you'll earn. The amount of interest you earn is determined by the principal amount you deposit, the interest rate offered by your bank and the amount of time you save.
Forbes
07-05-2025
- Business
- Forbes
Today's Top Money Market Account Rates For May 7, 2025 - Rates Hit 4.89%
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. As of today, the highest money market rate is 4.89%, compared to a national average rate of 0.53%, according to Curinos. Here are today's money market account rates: Money market account are interest-bearing deposit accounts that work similarly to savings accounts. You deposit money whenever you have some to spare and it grows more interest the longer you leave it alone. These accounts are insured by the Federal Deposit Insurance Corp. (FDIC) for banks and the National Credit Union Administration (NCUA) for credit unions up to $250,000 per depositor. Money market accounts offer convenient fund accessibility, often including checks and debit cards, though you might be limited to six monthly transactions. Compared to regular savings accounts, money market accounts usually offer higher interest rates. However, they tend to require higher minimum deposits and balances to earn these. Before opening a money market account , look into at least a few options with different banks or credit unions. Compare minimum balance requirements, monthly fees, withdrawal limits and annual percentage yields (APYs) to choose the best fit. Also, check out the conditions to earn the highest interest rates. You can typically apply for a money market account online or in person. You will need to provide personal information such as your name, employment status and income, address and Social Security number, and show a government-issued ID. Once you're approved, you can make your initial deposit. Money market accounts work like savings accounts in some ways and like checking accounts in others. Both MMAs and savings accounts: Let you deposit funds as you please Earn interest on your savings Are highly liquid Are safe deposit accounts May have withdrawal restrictions, balance requirements and monthly fees Similar to checking accounts and unlike most savings, money market accounts: Can come with debit cards, checks or both Tend to have higher fees Tend to have deposit and balance requirements Frequently Asked Questions (FAQs) Money market rates are variable and can change when economic conditions change, such as when the Federal Reserve alters interest rates or due to circumstances at a specific bank. There is no set schedule for when or by how much MMA rates change, so be on the lookout for notifications from your financial institution. Banks set money market account rates. The specific rate offered by an institution reflects the general interest rate environment and the bank's economics. For instance, a new online-only financial institution may offer a high rate to gain customers, whereas an established bank could count on generations of depositors. You can use a money market account calculator to see how much interest you'll earn. The amount of interest you earn is determined by the principal amount you deposit, the interest rate offered by your bank and the amount of time you save. Was this article helpful?
