Tag Archive | “benchmark for banks lending rates”

Rising Interest Rates Weigh on Households

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Local households, specifically those who are in the low-income bracket, are anticipated to face a growing financial burden, as mortgage rates rise in line with rising market interest rates.

Some banks are considering that they may charge higher interest on those who are having lower credit ratings. They have decided to charge 0.1- to 0.2-percentage-point additional interest on those having the lowest credit ratings, and that will be balanced by rate cuts for prime customers.

rising interest rates

There has been a rise in yields on three-month certificate of deposits (CDs), which is the benchmark for banks lending rates. On Friday, yields on three-month CDs rose by 0.02 percentage points to 2.47 percent . They have also jumped by 0.03 percentage points Thursday.

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