US interest rates raised for first time in three years
The last time they were raised was in July 2023. A 0.25pp increase will likely add to increasing mortgage rates for homebuyers, as the rates set by banks and other lenders are heavily influenced by the Fed's policy rate. Major US banks JP Morgan, KeyCorp and BNY raised their prime lending rate on Wednesday to 7% from 6.75% in response, which will rates charged on credit cards and personal loans.Mortgage costs have climbed over the past year but remain below peaks seen in 2023.
- ▪The last time they were raised was in July 2023.
- ▪A 0.25pp increase will likely add to increasing mortgage rates for homebuyers, as the rates set by banks and other lenders are heavily influenced by the Fed's policy rate.
- ▪Major US banks JP Morgan, KeyCorp and BNY raised their prime lending rate on Wednesday to 7% from 6.75% in response, which will rates charged on credit cards and personal loans.Mortgage costs have climbed over the past year but remain below
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| Original publisher | BBC News — Business |
| Canonical URL | https://www.bbc.co.uk/news/articles/cw4gmlyvj422o?at_medium=RSS&at_campaign=rss |
| Publication time | Wed, 16 Sep 2026 21:02:11 GMT |
| Retrieval time | 2026-09-16T21:03:41.420Z |
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US interest rates raised for first time in three yearsImage source, Getty ImagesByMichael RaceBusiness reporter, Reporting fromWashington DCPublished1 minute agoUS interest rates have been raised for the first time in more than three years and could be increased further in a bid to slow rising prices.Rates were hiked to 3.75%-4% from 3.5%-3.75% by the Federal Reserve in a unanimous decision on Wednesday despite fierce opposition from President Donald Trump, who had called for rates to be cut.Fed Chair Kevin Warsh said the move was because "inflation is too high and has been for too long", adding that it was a "sober" and "responsible decision".However, Trump said the rate "should be 1%, or less, because we are the Best Credit in the World - BY FAR".Higher interest rates make borrowing…
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