The U.S. Federal Reserve on Wednesday kept interest rates unchanged, with policymakers waiting to gauge the economic fallout from higher energy prices stemming from the Iran conflict, which may have lasting inflationary effects. Economists suggest this dynamic could lead the Fed to consider raising rates at its September meeting.

The Fed's decision means consumer borrowing costs remain elevated. Credit card interest rates are hovering near 24%, and auto loan rates are high (new car loans average 7%, used car loans 10.5%). While fixed mortgage rates don't directly track the Fed's benchmark, they follow long-term Treasury rates, which are near a one-year high due to renewed U.S.-Iran tensions, with the average 30-year fixed rate at 6.76%. Savings account yields remain largely steady, with some online accounts offering around 4%.