Following three interest rate cuts by the Federal Reserve in 2024, high-yield savings account rates in the U.S. have begun to decline, although some accounts still offer above 4% APY. As of March 1, 2025, CIT Bank offers the highest savings account rate at 4.30% APY, requiring a minimum opening deposit of $5,000. The average interest rate for traditional savings accounts remains low at 0.41%, while money market accounts offer rates above 4% APY.
Mortgage rates are currently fluctuating as markets anticipate the release of key inflation data, including the Consumer Price Index (CPI) and Producer Price Index (PPI). According to Zillow, the 30-year fixed mortgage rate has increased to 6.34%, while the 15-year fixed rate has decreased to 5.62%. Economists anticipate mortgage rates to gradually decrease throughout 2025, but significant drops are not expected in the near term.