Interest Rates Are on the Rise. Why Aren't Savings Rates?

Interest Rates Are on the Rise. Why Aren't Savings Rates?

There was a time when rising interest rates had a silver lining. As the rate for products like auto loans and home mortgages crept up, so did the APY banks paid on savings accounts. As of this writing, the average rate on a 30-year fixed-rate mortgage is 6.40%, while the national average APY on savings accounts is a measly 0.24%.