What the Fed's Latest Rate Hike Means for Your Finances

The Federal Reserve is expected to hike rates one more time, which will lead to an increase in credit card interest rates, mortgage rates, and auto loan rates. Adjustable-rate mortgages and home equity lines of credit will also be affected. Federal student loan rates are already near 5%, and private student loans will also see an increase in interest rates. Deposit rates at some banks are up to 4.5%, but if this is the Fed's last increase for a while, deposit rate hikes are likely to slow. Switching to a high-yield savings account is recommended.