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How Fed Hikes Could Affect Mortgages, Car Loans, Card Rates

mortgages

Will mortgage rates go up? How about car loans? Credit cards?

How about those nearly invisible rates on bank CDs — any chance of getting a few dollars more?

With the Federal Reserve signaling Wednesday that it will begin raising its benchmark interest rate as soon as March — and probably a few additional times this year — consumers and businesses will eventually feel it.

The Fed’s thinking is that with America’s job market essentially back to normal and inflation surging well beyond the central bank’s annual 2% target, now is the time to raise its benchmark rate from near zero.

Here are some questions on what this could mean for consumers and businesses.

The post How Fed Hikes Could Affect Mortgages, Car Loans, Card Rates originally appeared at U.S. News & World Report.