Mortgage Rates Surge, Impacting Home Buyers

The number of CDs offering at least a 5.35% APY has increased to 20, up from 13 last week, with the highest rate available at 5.65% APY for a 9-month term. The leading 3-year CD pays a 5.13% APY, while a jumbo 4-year CD with a $100,000 deposit offers a 5.12% APY. The Federal Reserve is expected to raise the federal funds rate, which could push CD rates even higher. It is advised to shop around and compare rates before making a final decision.