Where are interest rates on mortgages, CDs and credit cards heading in 2025?
CBSN
Americans started to see some financial relief in 2024 as cooling inflation led the Federal Reserve to cut interest rates three times after jacking up borrowing costs to their highest level in 23 years in a bid to hose down red-hot prices.
The Fed's policy shift raises questions about what 2025 might bring for borrowers, especially on the home-buying front, where mortgage rates have remained stubbornly high despite the rate cuts. On Jan. 2, the 30-year fixed rate mortgage inched up to 6.91%, its highest point in almost six months, Freddie Mac said on Monday.
Complicating the financial picture are President-elect Donald Trump's economic plans. Those could include sweeping new tariffs on foreign goods and more tax cuts, policies economists warn could reignite inflation. If that occurs, the Fed could be hard-pressed to continue its rate-cutting push.
A Virginia man arrested on New Year's Day is facing multiple charges in connection with homemade explosives that were discovered in a suspected stolen vehicle, authorities said.
On Oct. 31, 2020, at around 5 a.m. Livye Lewis was found unresponsive in her car on the side of a road in Hemphill, Texas. Her ex-boyfriend, Matthew Edgar, said he had no memory of what happened to Lewis or how he ended up in the fetal position behind her car.
The State Department has informally notified Congress of a planned $8 billion weapons sale to support Israel's long-term security by resupplying stocks of critical munitions and air defense capabilities, a U.S. official familiar with the details confirmed to CBS News on Saturday.
Indie screenwriter and director Jeff Baena has died at 47 years old. Representatives for Baena's wife, "Parks and Rec" star Aubrey Plaza," directed CBS News to a report of Baena's death by Deadline.
The house made famous by the "Breaking Bad" TV series is up for sale, and the owners of the otherwise unassuming home in one of Albuquerque's older neighborhoods are hoping the property's role in the long-running series will help them fetch a pretty penny.
A major winter storm expected to produce heavy snow, significant ice and frigid temperatures was set to begin in the central U.S. on Saturday and move east over the next several days, according to the National Weather Service.
Six days of events honoring former President Jimmy Carter begin Saturday with a procession stopping in his hometown of Plains, Georgia, tributes at the state Capitol, and then a private service at the Carter Center in Atlanta, where his body will lie in repose until Tuesday.
Biden awards Presidential Medal of Freedom to Hillary Clinton, Michael J. Fox, Lionel Messi and more
Washington — President Biden is awarding the Presidential Medal of Freedom, the nation's highest civilian honor, to Hillary Clinton and 18 others "who have made America a better place," the White House announced Saturday.
President Biden on Monday is expected to sign into law legislation extending full Social Security benefits to nearly 3 million U.S. retirees, according to advocates for the measure.
As Winter Storm Blair threatens to disrupt travel for passengers traveling to or from dozens of U.S. airports this weekend, Airlines are taking steps to help travelers rebook scheduled flights without incurring change fees. The storm is expected to sweep across central and eastern U.S. states, bringing with it heavy snow and ice.
A man accused of long hiding a stolen pair of sequined ruby slippers that Judy Garland wore in "The Wizard of Oz" plans to plead guilty, his attorney confirmed Friday.