Today the Fed cut interest rates by a quarter point. They had already alluded to having another cut. What does lowering interest rates mean? Depending on your financial position, it could be a beneficial thing or not a beneficial thing. As the Fed cuts interest rates by a quarter point, here are examples how this will impact you. Lower mortgage interest rates If you’re in the market to buy a home and have to take out a mortgage, you’re in…
The interest rates are expected to get cut by the Federal Reserve. Many have been waiting for this moment because the cost of borrowing money will get cheaper. When interest rates get cut so does the rates for mortgages, car loans, and your savings account rate. You can get an auto loan at a lower rate but don’t forget that your ability to collect interest on your savings account is affected also. I’m not in the market to get a…
The Feds alluded to that potential interest rate hikes will occur in 2022. “Hikes” with an “s” as in plural. This is to help with reducing the rise of inflation. What does higher interest rates mean? It means that the cost of borrowing will get more expensive. If the Feds raise interest rates 3 times next year, what could that mean for you? Get ready in 2022, interest rates are likely going up. Higher rates means it’ll cost more to…