WASHINGTON (AP) — Rising mortgage rates have sent home sales plummeting. Credit card rates have become heavier, as have car loans. Savers are finally receiving truly visible returns, while crypto assets are in shock.
The Federal Reserve’s decision on Wednesday to tighten credit further raised its benchmark interest rate by 0.75 percentage points for the second consecutive time. The Fed’s latest hike, its fourth since March, will further increase borrowing costs for homes, cars and credit cards, though many borrowers may not feel the impact immediately.