The era of cheap money is ending. During the last 15 years, interest rates have remained low, and consumers and businesses paid a small amount to borrow funds. No longer will this be possible. The Fed has announced further increases in the fed funds rate to curtail inflation. As most readers know, the Fed raised rates by 25 basis points (0.25 percent) at the March meeting. And several more rate increases have been announced for the remainder of the year and beyond. Rising rates will affect everyone. Let’s review some of the effects, starting with home mortgage rates. The Fed...

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