Here's the cost of keeping interest rates high each month, as determined by the Fed.

The borrowing costs have reached their highest point in the past 23 years, but some relief may soon be provided.

Federal Reserve officials decided not to lower the benchmark interest rate following their meeting on Wednesday, but traders anticipate a 0.25 percentage point cut at their next meeting in September, which would be the first reduction in over two years.

Although it would be closer to 5% from an upper range of 5.5%, the benchmark rate would still be far from the near-zero rate through much of 2022.

Since the rate hikes began, Americans have seen their monthly debt payments for mortgages, loans and credit cards increase by hundreds of dollars, as the central bank aimed to slow inflation by raising interest rates over the past two years.

Here's a breakdown of the increased monthly costs for various types of debt based on commonly borrowed amounts since the Fed started hiking rates in March 2022.

30-year fixed-rate mortgages

In 2022, the average 30-year fixed rate mortgage rate was 4.3%, while the current rate is 6.9%, according to Mortgage News Daily. As a result, monthly payments for a $330,000 mortgage loan have increased from $1,633 to $2,173.

Total monthly difference: $540

Home equity lines of credit

In 2022, the average percentage rate for a

The monthly costs for a $30,000 line of credit would increase from $226 to $308 if the interest rate changes from 4.3% to 9.2%, according to Bankrate data.

Total monthly difference: $82

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Personal loans

In 2022, the average interest rate for personal loans with fixed repayments over five years was 12.6%, but it has increased to 19.8% currently, according to Credible. For a loan of $11,000, monthly payments have increased from $248 to $290.

Total monthly difference: $42

New vehicle financing

The average interest rate for new auto loans in 2022 was 5.2%, while the current average is 7.3%, according to Edmunds data. For a 60-month financing of approximately $40,000, monthly payments have increased from $759 to $798.

Total monthly difference: $39

Credit cards

In 2022, the average credit card interest rate was 16.3%, while the current rate is 20.7%, according to Bankrate data. To pay off an outstanding balance of $6,500 within 10 years, the monthly payments would be $110 in 2022, compared with $129 in 2024.

Total monthly difference: $19

Where interest rates are headed

The Fed is unlikely to lower its interest rates to 0% anytime soon, but officials predict that it will decrease to a range of 3% to 3.25% by the end of 2026, from its current range of 5.25 to 5.5%.

If monthly costs are nearly halved compared to what Americans pay today, many will find big purchases more affordable. However, even if the Fed lowers rates, the process may be gradual, so costs may not necessarily return to 2022 levels.

"Tipiwa Walker, a certified financial planner, states that her young clients are unable to purchase their first homes due to current interest rates. However, they are waiting for rates to decrease and this news is welcome for them."

As a result of the Fed's benchmark rate, savings interest rates may decrease, affecting high-yield savings accounts, certificates of deposit, and money market accounts with current interest rates near 5%.

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