The Federal Reserve lifted its benchmark short-term interest rate by a quarter percentage point and is likely to have a domino effect across the economy.
Consumers with credit card debt, adjustable-rate mortgages and home equity lines of credit are the most likely to be affected by a rate hike, says Greg McBride, chief analyst at Bankrate.com. He says it’s the cumulative effect that’s important, especially since the Fed already raised rates in December 2015 and December 2016.
These interest rate hikes could add up to hundreds of dollars per month in extra fees for credit card, adjustable-rate mortgage and HELOC borrowers. (Source: USA Today)
For those Mainers of Floridians with Second Mortgages or Adjustable Rate Mortgages, please give me a call if you would like to talk about a possible money saving refinance.