We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money.
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict
, this post may contain references to products from our partners. Here’s an explanation for
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.
How We Make Money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.
Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.
Which bank should I choose?
Get personalized bank recommendations in 3 easy steps.
When the Federal Reserve meets and changes rates, we all have questions: What does it mean to me? Will my mortgage rate go up or down? Is this a good time to refinance? Bankrate is here to help. We’ve looked at five categories — mortgages, home equity loans, auto loans, credit cards and certificates of deposit — to determine if the Fed’s moves made you a winner or a loser. Here’s a look at mortgages:
Winner: Middle-income homebuyers with good credit
During the height of the real estate bubble, many middle-income Americans felt squeezed out of a housing market that grew more expensive by the week.
But recent price declines and a growing level of inventory have made homes more affordable than they’ve been in several years.
“If you have a really good credit rating, yes, you can find a bargain out there,” says Orawin Velz, senior director at the Mortgage Bankers Association.
Loser: People with financial challenges
Getting a loan has become a nightmarish process for millions with bruised credit. Lenders burned by subprime loans are retrenching, extending credit only to borrowers with airtight finances.
“Credit is tightening so dramatically,” says Bob Walters, chief economist at Quicken Loans.
People with shaky FICO scores, meager savings and other financial challenges may have a tough time getting a loan for the foreseeable future.
The Federal Reserve’s latest rate cut is unlikely to directly impact mortgage rates. However, housing prices are expected to fall further, creating big bargains for home shoppers.
Buyers who purchase a home now risk seeing their equity slump if prices continue to fall in upcoming months. However, those price declines should eventually turn into profits for homeowners who stay put for at least five years, Walters says.
In the meantime, new homeowners can enjoy a nice place to live while they wait for a market turnaround.
“The absolute first and foremost value of a home is (its role as) your dwelling,” Walters says. “It’s your place to live, it’s your place to raise a family. Shelter is by far the most important component.
“If it can provide ways for you to grow wealth because of home appreciation, because of the tax deductibility and things like that, great.”