Posted 11/25/2023, 1:56:00 PM
Rising Rates Bring Financial Pain For Mortgage Holders, Temporary Relief For Savers
- Interest rates have risen 14 times consecutively, hurting mortgage holders but helping some savers
- This year, higher savings rates outweighed the pain of higher mortgage rates for most people
- But in 2024, over 1.6 million homeowners will see their fixed mortgages expire and face much higher rates
- Banks have been lowering some mortgage rates recently amid competition, providing some relief
- But analysts say savings rates may fall soon too, meaning financial pain isn't over for many households