There is big news closing out this week in the real estate industry, and it has to do with a hike in interest rates. There’s always a buzz out there that interest rates are at risk of rising, and that we could all lose all of these exceptionally low rates we’ve been enjoying for some time. Well, it's happening. As of Wednesday, it’s official: interest rates are up.
What does “up” mean?
When the Federal Reserve changes interest rates (up or down), that affects everyone who has a home loan, a car loan, or savings in the stock market. This hike is considered a modest one, according to The Washington Post, and apparently is a reflection that the economy is strengthening. Others, however, see it as a sign that inflation is increasing.