Rates on Savings Accounts Are Higher Than Millions of Mortgages

Millions of Americans have a higher rate on their savings account than they’re paying for their mortgage.

Marcus by Goldman Sachs Group Inc. recently raised the interest rate on its high-yield accounts to an all-time high of 4.3%, following the latest hike in the Federal Reserve’s key benchmark rate. At the end of the June, about 39 million US homes had a mortgage rate below 4.375%, according to Black Knight, a mortgage technology and data provider. That was more than 73% of the outstanding mortgages in the US.

The discrepancy illustrates an unusual situation in the economy. During the period of historically low rates during ...