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September 26, 2022

How steep Fed rate hikes affect your finances

  • Anyone borrowing money to purchase a home, car or large appliance will take a hit.
    • By CORA LEWIS
    Associated Press

    NEW YORK — Mortgage rates have jumped, home sales have slumped and credit cards and auto loans have gotten pricier. Savings rates are slightly juicier, though.

    As the Federal Reserve has rapidly increased interest rates, many economists say they fear that a recession is inevitable in the coming months — and with it, job losses that could cause hardship for households already hurt worst by inflation.


     
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