Another interest rate hike is coming from the Federal Reserve: Here’s how it could affect you

The Federal Reserve is expected to raise interest rates for the third consecutive time this week. The central bank has already raised interest rates four times this year, for a total of 2.25 percentage points. The upcoming rate hike will correspond with a rise in the prime rate and immediately send financing costs higher for many types of consumer loans. The average interest rate on the 30-year fixed-rate mortgage hit 6% for the first time since the Great Recession, double what it was one year ago.

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