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Federal Reserve Open Market Committee of Federal Reserve Bank raises and cuts the Federal Fund rates which banks charge each other for borrowing money.
The interest rate for savings accounts is based by Federal Fund rate which is a short-term rate. As of March 1st, 2021, Fed Fund rate is at 0.25%, Your savings account interest rate definitely will be lower than 0.25%
The mortgage rates are based on US treasury 10 years bond rate which is a long-term rate. As of Novenber, 2022, 10-year rate is around 3.75%. Banks will calculate mortgage rates based on the 10-year rate plus a spread which is based on terms and type of the mortgages. That means that your mortgage rate will be higher than 3.75%.
Home Equity Line Of Credit (HELOC) rate charged by individual banks is the rate calculated from Prime Rate plus bank's own add-on charge. Prime Rate is determined generally by Fed Fund Rate + 3% and is the lowest rate charged by borrowing money commercially. That rate will be given by banks to their most creditworthy customers, but most of us will not get that rate. We will get the Prime Rate plus bank's additional charge.
Fed Funds Rate is the rate determined by Federal Open Market Committee during the meetings held in every six weeks.
As of November 30th, 2022, US Fed Fund Rate is 3.75%-4%, US Prime Rate is at 7%. The HELOC rate will be higher than 7%, how much higher will be determined by your bank.
