ST. LOUIS (KMOX) – The Federal Reserve hikes a key interest rate for the second time this year.

The first question many of you may have is what does this mean for me? Ed Vogt is the director of mortgage banking with central bank of st louis.

“Well, the average listener can expect really some small increases in any type of loan that’s tied to prime rate,” he says.

Vogt says because the rate hike was expected, we are seeing substantial movement in long term or short-term rates. He adds the economy benefits, as a whole, when there are fewer surprises.

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