NASHVILLE, Tenn. (WSMV) – If you are looking to borrow money anytime soon, it will cost you more to pay it back.
The Federal Reserve just raised interest rates 0.5%, an attempt to tap the brakes on the U.S. economy.
“Generally, the Federal Reserve is tightening interest rates to tap the brakes on the U.S. economy and slow it down. As a result, we’ll probably see other lending rates go up and that will make it more expensive for people to buy a home, buy cars, really anything that involved borrowing money,” Andy Borchers, a professor at the Lipscomb College of Business: Management, Entrepreneurship & Marketing, said.
It’s the largest increase over the last 22 years.
Borchers said the move will impact people in the marketplace, especially first-time homeowners.
“For first-time home buyers interest rates are going up making it more expensive for them to borrow,” Borchers said. “We may see some softening on the demand side so…
