Federal Reserve Hikes Interest Rates for First Time Since 2023

The Federal Reserve raised interest rates by a quarter of a percentage point in its first increase since 2023. This move is likely to have significant implications for mortgages, borrowers, and savers. For borrowers, higher interest rates may mean increased costs when taking out or refinancing a mortgage.

On the other hand, savers may see their deposits earn more interest as banks pass on the higher rates to customers. According to the source, the Federal Reserve raised interest rates by a quarter of a percentage point in its first increase since 2023.