Fed Hike May Affect Home Mortgages

Are mortgage rates going up? With the Federal Reserve having raised its benchmark interest rate last month and signaling the likelihood of additional rate hikes later this year, consumers and businesses will feel it—if not immediately, then over time, AP reported. The Fed’s thinking is that the economy is a lot stronger now than it was in the first few years after the Great Recession ended in 2009, when ultra-low rates were needed to sustain growth. With the job market in particular looking robust, the economy is seen as sturdy enough to handle modestly higher loan rates in the coming months and perhaps years.