Borrowers with good credit seeking personal loans during the past seven days prequalified for rates that were lower for 3- and 5-year loans when compared to fixed-rate loans for the seven days before. For borrowers with credit scores of 720 or higher who used the Credible marketplace to select a lender between June 10 and June 16: Personal loans have become a popular way to consolidate debt and pay off credit card debt and other loans.
Later that day, the Fed concluded its June meeting, signaling one cut of by the end of the year while holding rates steady. As of now, we anticipate one 25 basis point cut this year, and a 100 basis point cut in 2025. Currently sitting at 5.25% to 5.50%, the federal funds rate is the highest it's been since 2001. Sticky inflation and low unemployment had made any cuts seem unlikely as of a week ago.
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