It had to happen.
The Federal Reserve raised interest rates this week and further increases in the coming months seem likely.
Is that good or bad? The answer really depends on your situation...
1. For Home Buyers
If you’re buying a home soon, all good things come to an end… you should expect increases in mortgage rates, and that will only continue in the coming months.
On the flip side....
2. The Soon To Retire
If you’re nearing retirement rising interest rates means options for “safe money” like CD’s or fixed annuities will pay you more. Remember those double-digit CD returns of the 1980’s? We’re still a long way from there, but an increase in fixed income returns would be welcome.
Let’s Get Practical - the increases this week aren’t dramatic, but rates will continue to steadily climb. Make sure you know what impact that will have on your situation!