(NewsNation) — Americans are experiencing the highest interest rates in over two decades, sitting at 5.5% since the Federal Reserve raised its benchmark rate July 26, 2023.
However, the Fed is expected to cut rates in a meeting Wednesday for the first time since March 2020.
Even with a possible rate cut on the way, the U.S. will still have a long way to go before it can be considered to have some of the lowest interest rates in the world again — as it did in much of 2021 at 0.25%.
How do mortgage interest rates work?
For now, here are the countries with the lowest interest rates in the world as of August 2024, according to Trading Economics:
Beachfront property on the island of Taveuni, Fiji, Melanesia. (Getty)
Fiji
Interest rate: 0.25%
Kabukicho, Tokyo (Getty)
Japan
Interest rate: 0.25%
Phnom Penh, Cambodia – 5th Oct 2022: Phnom Penh City as the city wakes up for another night of partying, drinking and fun for holidaymakers and people on vacation. The city that never sleeps continues to expand its reach with more hotels being built along the beach and under construction. (Getty)
Cambodia
Interest rate: 0.87%
The skyline of Zurich with Fraumunster church, River Limmat and Lake Zurich from Grossmunster church. (Getty)
Switzerland
Interest rate: 1.25%
The richest town in every state
View over Mindelo, Sao Vicente, Cape Verde. (Getty)
Cape Verde
Interest rate: 1.5%
Aerial view of the coastline with houses, Mahe island, Seychelles. (Getty)
Seychelles
Interest rate: 1.75%
An aerial view of Gaborone, the capital city of Botswana, at sunset. Gaborone dam industrial and residential neighborhood late afternoon, high altitude. (Getty)
Botswana
Interest rate: 1.9%
Beautiful day along the waterfront in Bridgetown, Barbados. (Getty)
Barbados
Interest rate: 2%
Taipei 101, Landmark of Taiwan in the evening. (Getty)
Taiwan
Interest rate: 2%
Tobacco Caye, Belize
Belize
Interest rate: 2.25%
