The Federal Reserve decision Wednesday, March 15, 2017, to lift its benchmark short-term interest rate by a quarter percentage point is likely to have a domino effect across the economy as it gradually pushes up rates for everything from mortgages and credit card rates to small business loans.
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, analysts indicate. 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.
You need an experienced mortgage originator on your side to determine how rates will affect your monthly payment. Give the Tracie Mayo Mortgage Team of Bayway Mortgage a call at 727-877-5684 and let’s plan your next move.
Article provided by Tracie Mayo of Bayway Mortgage Group