FOX 31: What does the Fed interest rate hike mean for me?

Posted: Jul 27, 2022 / 10:25 PM MDT

Updated: Jul 27, 2022 / 10:25 PM MDT

DENVER (KDVR) — If you are trying to refinance, buy a new house or borrow a large sum of money for something else, financial experts suggest securing the loan as soon as possible.

The advice comes on the heels of the Federal Reserve raising interest rates by another 75 basis points Wednesday.

“This is a necessary evil because inflation is 9.1%, which is very unprecedented for 40 years or so, so we had to do something major,” Metro State University professor Kishore Kulkarni said.