ST. LOUIS (KMOX) – Get ready to pay a slightly higher interest rate on your credit cards. The federal reserve decided to hike interest rates for the second time in three months.
Kevin Caron, Stifel market strategist says mortgage rates aren’t like credit cards. If you have an adjustable rate mortgage, you can expect changes.
“Those will reset whenever the next reset period would be on that arm, but that’s going to be different for every borrower,” he said.
However, if you have a home equity line of credit, the interest rate you pay will climb after Wednesday’s federal action. Don’t expect car loan rates to change either. Competition has kept those low. Also, private student loans with variable interest rates will likely increase with the increase in interest rates.