Today's Financial Rates

What today's numbers mean

Mortgage rates jumped to 7.28% this week, up from 7.03%—a meaningful move over just seven days. On a $400,000 home loan, that quarter-point increase means paying roughly $50 to $60 more each month. Over the life of the loan, that adds up to $18,000–$20,000 in extra interest. For anyone shopping for a home, this single rate is the most important number determining your monthly payment.

Inflation is holding steady at 3.35% year-over-year, with core inflation at 2.45%. This matters to your savings: any money earning less than 3.35% is quietly losing purchasing power. The Fed's benchmark rate sits at 3.88%, but most bank savings accounts pay significantly less. Gas prices remain elevated at $4.35 per gallon. On a positive note, unemployment stayed steady at 4.2%, suggesting the job market remains reasonably strong despite recent rate increases.