The fed funds rate normally influences – directly or indirectly – movement in the interest rates consumers earn on their savings and pay on their debts. On Schwab.com Wednesday, average rates were between 4.02% and 4.65% for CDs with durations ranging from three months to five years. Your home: The average rate on a 30-year fixed rate mortgage was 6.58% as of July 23, according to Freddie Mac. Your car: In June, the average loan for a new car was $44,407, an all-time high, according to data from Edmunds. To keep your auto financing costs in check, Caldwell suggests shopping for interest rates as diligently as you comparison shop for the car.