Rising interest rates are taking some potential buyers out of the market.
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The Federal Reserve announced a quarter-point interest rate reduction yesterday, its third such move this year. The target federal funds rate now stand at 1.5% after starting the year at 2.25%.
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The average interest rate for a new-vehicle loan dropped for the third month in a row in July, hitting its lowest level of 2019, according to Edmunds.
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Federal Reserve Chairman Jerome Powell officially announced a widely expected cut to the federal funds rate yesterday, dropping the central bank's target by a quarter-point to 2%.
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The annual percentage rate on new financed vehicles is expected to average 6.36% in March, compared to 5.66% last year and 4.44% five years ago, according to the latest report from Edmunds.
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The Federal Reserve has voted unanimously that it would not hike interest rates any further for the remainder of 2019.
Read More →Auto loan interest rates in June likely reached their highest level in nine years, Edmunds reported, a week after saying a strong economy is likely masking market factors bubbling just below the service that could start to slow down sales.
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With the labor market continuing to strengthen and economic activity rising at a solid rate, the Federal Reserve raised the Federal Funds Rate a quarter percentage point for the second time this year — putting the target for short-term rates in the 1.75 to 2% range.
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Manufacturers may choose to absorb higher federal interest rates on new vehicles to keep prices from rising higher than they have been with heavier incentives, but this could have an adverse effect on residual values.
Read More →The average interest rate for a new-vehicle loan in the first quarter of 2018 was 5.7%, according to Edmunds, up from the same time in 2013, when new-vehicle interest rates averaged 4.4%.
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