Americans Begin to Feel the Sting of Fed Rate Hikes

Rising interest rates due to Federal Reserve’s decisions are straining American finances. Consumers face higher costs for home and car loans, and existing debts are becoming pricier. While the Fed intends to maintain these high rates, families reliant on borrowing are feeling the pressure. New mortgages now average a 7% rate, nearly doubling from two years ago, significantly raising monthly payments. The current borrowing landscape renders homes and cars “completely unaffordable” for many, with households needing substantially more income to manage costs.

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