Fed rate hike likely means more expensive credit cards and mortgages, but savers may rejoice
The Federal Reserve increased its benchmark interest rate by a quarter-point, marking the first hike since 2023. This move will likely raise borrowing costs for mortgages, credit cards, and auto loans. While borrowers face higher expenses, savers are expected to benefit from increased interest rates on their accounts.
WASHINGTON (AP) — The Federal Reserve just raised the cost of money — bad news for borrowers, good news for savers. The Fed increased its benchmark interest rate Wednesday by a quarter-point, the first rate hike since the summer of 2023. The hike will likely make it even costlier to borrow for homes, autos and...
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