November CD Rates: Will They Increase?

The upcoming Federal Reserve meeting at the end of October could impact CD rates, as there is a possibility of another interest rate hike. The previous rate hikes have already led to an increase in CD rates, with the average rate rising from 0.14% in January 2022 to 1.89% in September 2023. If the Fed raises rates again, CD rates are likely to increase further. However, if the Fed chooses to do nothing or lowers rates, CD rates may stay the same or even decrease. Despite the uncertainty, it is still a good time to consider opening a CD due to the higher rates currently available.