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.Read Long Article
