All good things come to an end—and the era of historically low interest rates enjoyed by borrowers is also coming to a close.
At Adirondack Regional FCU, we’ve raised interest rates on several different types of loans by 25 basis points (0.25%). Rising inflation is part of the reason we made this move; in November, prices were up 0.8%, the biggest jump since 1982. Another reason is a growing expectation that the Federal Reserve will raise rates—perhaps as soon as March, policymakers said Wednesday—as it tries to keep a lid on rising costs.
When interest rates go up, the cost of borrowing money increases. Even so, interest rates remain near historic lows. And when you borrow from Adirondack Regional FCU, you’ll find our rates are competitive with—and better than—many larger institutions. That’s the benefit of belonging to a member-owned credit union.