Economic Data on the Go

This one’s for the data geeks out there.

Yesterday, someone mentioned that we should stop attaching the term “high-yield” to the savings accounts out there right now, because they are truly low-yield right now. In my very early 20s, I remember seeing a 9 percent interest rate attached to my savings account, and some friends confirmed that, yes, they also recall seeing similar rates. That rate dropped due to a number of reasons, mainly, the economy and the Federal Reserve keeping interest rates low. And here’s how that has affected interest rates for, say, a 5-year CD (certificate of deposit) in recent years:

You’ll notice that I found that data on my phone. It’s from this really terrific app called FRED economic data, which allows you to access updated economic data from your phone whenever you want. I think that’s pretty cool.

Here’s data showing record low interest rates for 30-year fixed-rate mortgages, which comes in handy if you’re thinking about buying a home:

And what about buying a car? Yes, there’s data for that too:

Also: The sad state of interest-earning checking accounts:


4 Comments / Post A Comment

jfruh (#161)

Gather round, kids, let Grandpa tell you about how he got 30- and 60-day CDs from the bank at like 9 percent in the mid-to-late ’90s!

There’s a whole generation growing up unaware that getting anything more than pocket change from leaving money in the bank was ever a thing. In Japan they’re so desperate to get people to save money that a lot of savings accounts actually “offer” negative interest rates.

Iglooramous (#1,397)

Feeling extra proud of my checking account’s .236% APY.

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