CHICAGO (WLS) -- For the first time in three years, the Federal Reserve announced an interest rate hike, and Thursday we learned mortgage rates just rose above 4% for the first time since 2019.
All of this is happening as we're dealing with high inflation and gas prices.
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Steven Esposito with Morgan Stanley joined ABC7 to give us more insight into what this means.
Esposito said it doesn't mean all that much but does signal a direction change.
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He said for those saving, interest saving should go up but for those borrowing, your costs are going to go up.
For more, watch the interview above.
What does the Federal Reserve's actions on interest rates mean?
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