Current mortgage rates are down and lower than they were seven days ago. Rates are lower than they were 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.

A rise in mortgage interest rates has led to a decline in people applying for home loans and homeowners refinancing.

President Trump's visit to the Fed is the latest development in his long-running fight with Fed Chair Powell that has focused on interest rates

One of the biggest factors influencing current CD rates is the federal-funds rate. As the Federal Reserve began cutting its benchmark rate toward the end of 2024, CD rates fell in response. However, the June 2025 decision to once again keep the Fed rate steady is likely to result in relatively stable CD interest rates for now.

President Donald Trump locked horns with Federal Reserve Chair Jerome Powell during a rare presidential visit to the U.S. central bank on Thursday, criticizing the cost of renovating two historical buildings at its headquarters and pressing the case for lower interest rates.

Trump on Friday expressed confidence the Fed will start cutting, a day after he met with central bank Chair Jerome Powell.

If you'd prefer to have ready access to your money, a high-yield savings account could be a better fit. Most CDs impose a penalty if you pull out your funds before the maturity date, but a HYSA is more flexible, allowing you to add deposits and withdraw funds as needed.

The Bank of Canada will hold its overnight interest rate steady at 2.75% on July 30 for the third consecutive meeting thanks to a recent rise in inflation and a fall in unemployment, according to a Reuters poll of economists that still found many expect at least two more cuts this year.

Illinois homeowners face a 27% rate hike from State Farm as the insurer cites unsustainable losses. The rate increase is expected to start on Aug. 15.