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

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