You've probably heard a lot about interest rates in the news lately, but what does the Fed's recent decisions really mean for your family?
Todd Hatfield, Vice President Consumer and Mortgage Lending at Granite Credit Union, joined us to break down the benefits.
He says Federal Reserve rate changes filter through the banking system and translate to lower borrowing costs.
For instance Todd says, "Granite Credit Union's new auto rate of 4.99% as well as lower mortgage rates are making big-ticket items more affordable."
Todd says Granite is committed to offering competitive, community-focused products as soon as the opportunity arises.
And, they can make these adjustments quickly, without waiting for banks to catch up.
That ability to finance a vehicle helps families with job access, savings, and financial stability.
Todd also explained that with the mortgage rates noticeably dipping, more first-time buyers are able to afford monthly payments now.
It also means people can refinance to take advantage of those reduced rates.
You can learn more at granite.org.
