In this clip from the AMA, we talk about what an interest rate hike is and how it affects the average person.
I'm sure we've all noticed the cost of everyday things skyrocketing recently.
We can see the effect clearly if we take a look at the current housing market. Mortgages rates have jumped up 2-3 points in the recent months. For home buyers, this makes your mortgage payment higher. With this increase in the cost of the home, the amount of home you can afford becomes less, aka decreasing purchasing power.
The biggest components affected by this interest hike are investment returns, purchasing power, and overall costs of things.
To sum it up: the cost of money is higher. And it will remain like this until the Fed decides to lower rates thus encouraging people to lend again.
We talk about this and more in this clip from the Weekly AMA!
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