Here’s what the Fed’s half-point rate hike means for your money

What the federal funds rate means to you The federal funds rate, which is set by the central bank, is the interest rate at which banks borrow and lend to one another overnight. Although that’s not the rate that consumers pay, the Fed’s moves still affect the borrowing and saving rates they see every day. … Read more

Here’s how you can prepare if there’s a 50 basis point Fed rate hike

Consumers are spending more to keep up with the surging cost of living and it may get worse before it gets better. “Even though wage growth has been the best in decades, it has been outpaced by increased household costs,” said Greg McBride, chief financial analyst at Bankrate.com. “With inflation at a 40-year high, that … Read more

How to know if the popular adjustable-rate mortgage is right for you

Lifestylevisuals | E + | Getty Images Adjustable-rate mortgages are making a comeback. With interest rates surging, more buyers are turning to ARMs, which offer lower initial rates than fixed-rate loans. However, after a certain period, the rate on the ARM adjusts to reflect current market conditions. “You have double the number of borrowers out … Read more

Here’s how to tap your home equity as mortgage rates rise

For many homeowners, the pandemic offered an unprecedented opportunity to build wealth. Those opportunities still exist, even though they are getting harder to come by. Thanks to skyrocketing housing prices, the amount of home equity is at an all-time high. As of the third quarter of last year, homeowners held $ 9.4 trillion in equity … Read more

Earnings Wells Fargo WFC Q12022

Marking Wells Fargo on May 5, 2021 in New York. Bill Tombkins Michael Ochs Archives Getty Images Wells Fargo posted lower-than-expected first-quarter earnings on Thursday amid falling mortgage lending, but exceeded earnings expectations as the bank cut its credit balance. The company’s shares fell about 5% at 1:20 p.m. ET. Here are the numbers: Profits: … Read more

See what the expected increase in Fed interest rates for your wallet means

The US Federal Reserve is expected to raise interest rates on Wednesday as they look forward to curbing rising inflation. The increase in the first quarter in the interest rate of federal funds in three years will be likely lay the groundwork for additional hiking to follow. “The cumulative effect of interest rate hikes is … Read more

How to use your home for cash as equity in the home reaches a record

Whether it is a kitchen renovation or a special workplace, after a year of living, most homeowners have at least enjoyed the idea of ​​a home renovation project. However, anyone who has tried to get their home for cash may be faced with a surprise. Rising house prices have led to record home equity. By … Read more

Mortgage equity loan against redemption with redemption: advantages and disadvantages

Many Americans suddenly become wealthy at home. On paper, however. Rising house prices have resulted in a record home equity. By the end of last year, some 46 million homeowners had a total of $ 7.3 trillion in equity, the largest amount ever recorded, according to Black Knight, a mortgage technology and research firm – … Read more

The Fed may become more aggressive in fighting inflation. How to prepare

For most Americans, the rising cost of living weighs heavily on their wallets. “Wage growth has failed to keep pace with the dizzying pace of price growth that the US Federal Reserve has effectively identified as the ‘No. 1 enemy of monetary policy,’” said Mark Hamrick, senior economist at Bankrate.com. After the Fed raised interest … Read more