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More 2023 Interest Rate Hikes?

More 2023 Interest Rate Hikes?

The last Fed meeting announced a pausing of rate hikes, which made everyone smile, until Jerome Powell spoke.  He then clarified that the war on inflation isn't over and we can expect two more rate hikes in 2023. What does that mean for us?  HELOCs and credit card rates will skyrocket again each time they raise the rates.  People's ability to purchase homes will get tighter because it cost more to buy the home each time the rates increase.  With home insurance, property taxes, credit card debt, car loans, and everything else going way up, it's getting hard for people to make their monthly bills.  If you want to consider a debt consolidation refinance to lower your monthly bills, we can look at everything overall to see if this makes sense.  If you are planning to sell your home, you may want to make a move soon, as the buyer pool shrinks every time the rates go up.  The next fed meeting is July 25th, in which rates are expected to go up another .25%.  

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