Morning Brew on Money Scoop: What the Fed interest rate hikes mean for you — Marguerita Cheng, CFP® Pro offers insight to reporter Ryan Lasker
January 13, 2022, Money Scoop: Marguerita Cheng, CFP® Pro, is featured in today’s Money Scoop article by Ryan Lasker who writes: “We know that US interest rates will soon increase, but we can’t be sure exactly when the Fed will tug on that lever to tamp down inflation. And that lack of certainty could have you feeling frenetic about what will become of your finances when it finally happens. The smart move is to stay calm and carry on in the face of interest rate hikes—because it’s no reason to make hasty decisions.”
Ryan explains: “Marguerita Cheng, a certified financial planner, told me that interest rates will increase across the board, from high-yield savings account rates (they certainly can’t get lower!) to mortgage rates. So if you’ve been eyeing a new home or a mortgage refi, your window of opportunity to lock in a basement-level rate could soon be closing. But is it really the right time to buy a new home, with prices higher than the Eiffel Tower?”
Marguerita says: “If you’ve been thinking about it a while and you can afford all the costs associated with homeownership, meaning the taxes and maintenance, it may make sense. However, don’t feel rushed to buy something if it’s not right.”