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.
Boston — A federal judge in Massachusetts allowed the Trump administration's offer of "deferred resignations" to federal workers who voluntarily leave government service to continue and lifted a previous court order pausing the program.
Attorney General Pam Bondi is expected to make an immigration enforcement announcement Wednesday afternoon, her first major announcement as the nation's top law enforcement official.
Supporters of the Foreign Corrupt Practices Act (FCPA) praise it as an important anti-bribery statute that keeps corporations honest when doing business outside the U.S. By contrast, the law's detractors say it unfairly hobbles American companies, giving an advantage to foreign players.
The remains of a man who disappeared more than 20 years ago when he was on his way to his family's cabin have been found inside a submerged car in a Utah reservoir.
An AI-generated video depicting celebrities — including Scarlett Johansson, Jerry Seinfeld and Adam Sandler — protesting Ye's antisemitic comments has gone viral online, prompting criticism from Johansson over the "misuse of AI," regardless of its message.
Washington — A group of advocates led by the American Civil Liberties Union filed a lawsuit on Wednesday asking a federal court to quickly require the Trump administration to give the migrant detainees it is holding at Guantanamo Bay access to lawyers.
A Russian cybercriminal and crypto fraudster will be sent back to Moscow as part of a prisoner swap that on Tuesday brought American Marc Fogel home after more than three years in Russian custody.
Washington — At least one U.S. citizen who was being detained in Belarus was released Wednesday, the United States' top hostage negotiator said.
Washington — The Senate voted to advance Robert F. Kennedy Jr.'s nomination to lead the Department of Health and Human Services on Wednesday, teeing up a final vote on his confirmation later this week.
Washington — President Trump said Wednesday that he spoke with Russian President Vladimir Putin and directed members of his national security team to "immediately" begin negotiations aimed at ending Russia's war with Ukraine.
Washington — While the Trump administration has highlighted transfers of dangerous criminals and suspected gang members to Guantanamo Bay, it is also sending nonviolent, "low-risk" migrant detainees who lack serious criminal records or any at all, according to two U.S. officials and internal government documents.
Mariah Carey, Chubby Checker, Cyndi Lauper, OutKast and Phish are some the 2025 nominees for induction into the Rock & Roll Hall of Fame, a list that also includes two sets of musical brothers who have had public feuds and recent reunions — the Black Crowes and Oasis.
New York — PBS says it is shutting down its office of diversity, equity and inclusion to comply with President Trump's executive order and firing the two executives brought on when the effort was begun in 2021.