How Fed Hikes May Affect Your Car Loan, Credit Card Rate, Mortgage
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A rate hike would increase interest rates for cardholders and borrowers with variable APRs, but won't likely offer much relief to people with large credit card balances. That's because APRs remain high.. While a half point increase might not spur financial ruin for borrowers with low balances, those with larger credit debts will likely feel the impact at time when the cost of living is already surging. Annual percentage rates will also rise when the Fed makes a move.
Still, the average for a 30-year fixed-rate home mortgage has already risen to 4.14%, and rates are expected to climb higher for new home buyers. Mortgage rates are ultimately set by the investors. Most U.S. mortgages are packaged as securities and resold to investors. Lenders offer consumers an interest rate that third party investors are willing to pay.
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