Fed Raises Interest Rates for First Time in Three Years

The Federal Reserve has raised interest rates for the first time in three years by 1/4 percentage point to 3-3/4 to 4 percent. This move is aimed at driving down inflation, which has been hovering around 4%.

Nate Kreinbrink, a financial advisor with NelsonCorp Wealth Management, believes that the hike may not have an immediate impact and that it's usually a little bit of a lag before rates change accordingly.

Kreinbrink emphasized that borrowers shouldn't panic at the idea of a hike, saying 'I don't know if it's necessarily going to move the needle a whole heck of a lot when it talks to those rates.'