After years of very low interest rates, a change is coming. The Fed is raising rates. Borrowing will get costlier for everything from mortgages to car loans to credit cards. For many Americans that will be a bitter pill. But there are some silver linings. Here’s what you can do in response.
It’s going to get even harder to buy your first house… for now.
When you’re buying something as pricey as a home, interest rates really matter. They have already jumped sharply in anticipation of the Fed’s highly signaled plan to raise rates through the year. Since the summer, mortgage rates have risen more than a full percentage point to above 4% on a 30-year fixed-rate loan.
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