To combat runaway inflation, the Federal Reserve started raising interest rates in March of last year, just 17 months ago. But what's the difference in the cost of things we finance or charge?
To combat runaway inflation, the Federal Reserve started raising interest rates in March of last year, just 17 months ago.HOME LOAN PAYMENTS
Before the rate hikes, a homebuyer who borrowed $400,000 for 30 years at a fixed rate, paid a mortgage of $2,504.CAR LOAN PAYMENTSUsed car loans are even higher.Credit card holders with the average national balance of $5,500, would have to pay $277 a month to pay it off in two year. Now, it would take $292 to do the same.The latest increase will raise all these prices a bit more, but it's too early to tell exactly how much.
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