What Does It Mean When The Federal Reserve Increases Interest Rates?

For the third time in six months, the Federal Reserve has hiked the interest rate and it is indicating more increases are coming before the end of the year.

This reflects confidence in the economy and the job market, but what does it actually mean for you – the consumer?  According to Janet Yellen, Federal Reserve Chairperson, this quarter point hike on June 14, 2017 “reflects the progress the economy has made.”

Rising interest rates eventually affect millions of Americans from homebuyers to credit card holders to savers. However, interest rates for mortgages are not expected to rise immediately, so now is the time to buy a new home!

Learn more about how increased rates affect you.