Interest rates change constantly, and where you look matters

Interest rates right now depend on which rate you're asking about. The federal funds rate—the rate the Federal Reserve sets—is different from the rate your bank offers on savings accounts, which is different from the rate you'd pay on a mortgage or car loan. Each moves on its own schedule, and each one affects your money differently.

The Federal Reserve doesn't set consumer rates directly. Instead, it sets a target range for the federal funds rate, which is the rate banks charge each other for overnight loans. Banks then use that as a reference point when deciding what to offer you. A mortgage lender might offer 6.5 percent while a savings account at the same bank pays 4.2 percent. Both are influenced by the Fed's rate, but neither is the Fed's rate.

To find what rates are actually available to you right now, you need to check with the specific lender or bank. Rates vary by institution, by the type of account or loan, and by your credit score or deposit amount. There is no single "the interest rate right now"—there are dozens, and they're all moving.

Key Takeaways

  • The Federal Reserve's rate and the rates you see offered by banks are not the same thing, though they move together.
  • Savings account rates, CD rates, mortgage rates, and auto loan rates all change independently and vary by lender.
  • To find current rates, check directly with banks, credit unions, and online lenders—comparison sites show what was available recently but not always what's available right now.
  • Your credit score, down payment size, and loan term all affect the rate you personally receive, even at the same lender.
  • Rates change daily or weekly depending on the product, so a rate you see quoted today may not be available tomorrow.

Where to check savings and CD rates

Banks post their savings account rates and certificate of deposit (CD) rates on their websites, usually in a rates or products section. Online banks like Marcus, Ally, and Discover typically show rates on their homepage without requiring you to log in. Credit unions post rates on their member pages. If you already have an account somewhere, log in and look for "rates" or "APY" (annual percentage yield)—that's the actual return you'll earn on money sitting in the account.

Comparison sites like Bankrate, DepositAccounts, and NerdWallet pull rates from many banks and update them regularly, but they may lag by a day or two. Use them to see the range of what's available, then visit the bank's own website to confirm the current rate before you move money. Some banks offer higher rates only on accounts opened online, or only on the first deposit, so read the terms.

Rates on savings accounts and CDs move when the Federal Reserve changes its rate, but they don't move at the same speed or by the same amount. A bank might raise savings rates slowly even after the Fed raises its rate, or drop them quickly if the Fed cuts. Shop around every few months if you have cash sitting somewhere—the best rate changes.

How to find mortgage and home equity rates

Mortgage rates are posted by lenders on their websites, and they update daily or multiple times per day. Major banks like Chase, Bank of America, and Wells Fargo show rates on their mortgage pages. Credit unions, mortgage brokers, and online lenders like Better, LoanDepot, and Rocket Mortgage also post rates. The rates you see are usually for a borrower with good credit and a standard down payment—your actual rate will differ based on your credit score, down payment size, loan term, and the property itself.

Home equity line of credit (HELOC) rates and home equity loan rates are separate from mortgage rates and move differently. HELOCs are often variable, meaning they change when the prime rate changes. Home equity loans are usually fixed. Check with your current lender first if you already have a mortgage with them—they may offer better terms to existing customers.

Mortgage rates don't move in lockstep with the Federal Reserve's rate the way savings rates do. Mortgage rates are influenced by longer-term bond markets, inflation expectations, and demand from borrowers. The Fed might raise its rate, but mortgage rates could stay flat or even fall if bond markets move the other direction.

Auto loan and personal loan rates

Auto loan rates depend on the lender, your credit score, the loan term, and whether the car is new or used. Banks, credit unions, and online lenders all post rates, but the rate you see advertised is usually the best rate available—you may receive a higher rate based on your credit. Check with your bank or credit union first; they often beat dealer rates and online lenders.

Personal loan rates vary widely. Banks and credit unions typically offer lower rates than online lenders, but online lenders may approve you faster or with lower credit scores. LendingClub, Upstart, and SoFi are common online sources, but rates range from under 6 percent to over 30 percent depending on creditworthiness. Always compare at least three lenders before borrowing.

Both auto and personal loan rates are influenced by the Federal Reserve's rate, but they also reflect the lender's own cost of money and their risk assessment of you. A rate you see quoted is often good for only 30 to 60 days, so if you're serious about borrowing, get a formal rate quote rather than relying on a website estimate.

Why rates change and what affects your personal rate

The Federal Reserve raises or lowers its target rate based on inflation, employment, and economic growth. When inflation is high, the Fed typically raises rates to cool spending. When the economy slows, the Fed cuts rates to encourage borrowing and spending. These decisions ripple through the entire financial system, but they don't change consumer rates instantly or uniformly.

Your personal rate depends on factors the lender assesses about you. A higher credit score usually means a lower rate. A larger down payment on a home or car usually means a lower rate. A shorter loan term usually means a lower rate than a longer one. A fixed-rate loan locks in your rate for the life of the loan; a variable-rate loan (common with HELOCs and some adjustable-rate mortgages) changes when the prime rate changes.

Shopping around matters. Two borrowers with similar credit scores can receive different rates from different lenders, or even different rates from the same lender depending on how they apply. Get quotes from at least three sources before committing, and ask whether the rate is locked in or if it can change before closing.

Tools and websites to track rates yourself

The Federal Reserve publishes its target rate on its website (federalreserve.gov) and updates it after each policy meeting. You can see the history of rate changes there and read statements about why the Fed made each decision.

For consumer rates, Bankrate, NerdWallet, and LendingTree aggregate rates from multiple lenders and let you filter by loan type, term, and credit score range. These sites are free and don't require you to apply or give your personal information to see rates. They're useful for understanding the range, but always verify the current rate directly with the lender before moving forward.

Your own bank or credit union's website is the most reliable source for what they're offering right now. If you're a member or customer, you may see member-only rates that are better than what's advertised to the general public. Check there first, then compare against competitors.

Frequently Asked Questions

What is the federal funds rate right now?

The Federal Reserve sets a target range for the federal funds rate, which changes based on economic conditions. You can find the current target range on the Federal Reserve's website (federalreserve.gov). This rate is not the rate you pay or earn; it's the rate banks charge each other and influences the rates offered to consumers.

Why is the rate I was quoted different from the rate on the website?

Rates change daily and sometimes multiple times per day. The rate you see on a website may be from yesterday or earlier today. Your personal rate also depends on your credit score, down payment, loan term, and other factors. Always get a formal quote from the lender to see the actual rate you would receive.

Do all banks offer the same interest rates?

No. Banks set their own rates based on their costs, competition, and risk assessment. Online banks often offer higher savings rates than brick-and-mortar banks. Credit unions may offer better loan rates to members. Always compare at least three lenders to find the best rate for your situation.

How often do interest rates change?

The Federal Reserve meets eight times per year to decide whether to change its rate. Consumer rates can change daily or weekly depending on the product and lender. Savings rates and CD rates typically move within days or weeks of a Fed change. Mortgage rates move based on bond markets and can change multiple times per day.

Will rates go up or down in the future?

No one can predict future rate movements with certainty. The Federal Reserve's decisions depend on inflation, employment, and economic data that change over time. If you're deciding whether to lock in a rate now or wait, consider your timeline and how sensitive your budget is to rate changes, but don't rely on predictions about what rates will do.