Today High Mortgage rates keep climbing, as interest rates poised to make another jump

Interest rates could be on the rise again. The Federal Reserve is poised to act this week, causing a trickle-down effect on how we borrow money.

Alex Little Hills explains how this could impact you and your family. Economic experts say that banks set mortgage rates because they're looking ahead. So with the Federal Reserve poised to raise interest rates again to fight inflation, it's families who could feel the pinch if they're looking for a new home.

The interest rate is going to determine the number of monthly mortgage payments that you can afford.

Megan Eric's dad has seen it from two sides. She's a Suffolk Realtor who cashed in on low mortgage rates in 2021 by buying a home of her own. But had she waited just a couple of months longer to close, the monthly rate she's paying may have increased by hundreds of dollars.

Easily be a $600 difference, Eric Stad says.

As interest rates go up, homebuyers can lose home buying power and be priced out. According to national mortgage data from the Virginia Realtors Association, mortgage rates are climbing, approaching 6% for a 30-year fixed mortgage. Economic experts don't expect that relationship to change anytime soon.

People trying to buy, homes are feeling increased pressure with regard to interest rates.

Robert McNabb, an economics professor at Old Dominion University, says an increase of three-quarters of a percent to interest rates doesn't sound like a lot.

But it is because the Federal Reserve is going to charge banks more for their money. They're also saying we're going to start constraining the money supply, a sign that.