Federal Reserve Rate Hike Boosts Mortgage Rates

The Federal Reserve has raised interest rates for the first time in 2024, causing some economic anxiety among Americans. To understand what this means and how it will affect you, mortgage expert Kris Heichel sat down with ABC 6 News to explain.

According to Heichel, the Fed's decision to raise interest rates is a response to inflation concerns. The rate hike is intended to slow down borrowing and spending, which should help reduce prices and stabilize the economy.

However, this move also means that people who are planning to buy or refinance a home may see higher mortgage rates. This could make it more expensive for them to borrow money and purchase a property.