If you just bought your dream house- hopefully you are locked in to a lower interest rate. It looks like the Feds will be imposing another big rate hike to help combat inflation this week.

With previous rate increases, the Fed’s  new rate hike will make borrowing costlier for individuals and companies and likely weaken the economy over time.

The Fed’s hikes have already led to a doubling of the average rate on a 30-year fixed mortgage in the past year, to 5.5%,

This will be its fourth rate hike since March. We should hear about the rate increase by weeks end.