federal reserve

8 things you should know before the Fed hikes interest rates

Check out mortgages
Check out mortgages | Hinterhaus Productions/Getty Images

Check out mortgages

The Federal Reserve exerts an indirect influence on mortgages. When the Fed raises rates, mortgage rates can jump as well.

When interest rates rise, consider your home first. On a $200,000 mortgage, half of 1 percentage point of interest means a difference of $20,000 or more over 30 years.

If you're on the fence about buying or refinancing, now is the time to act. Compare mortgage rates in your area now.

However, just because rates are low doesn't mean you should take out a mortgage without thinking everything through.

Experts recommend: If you are in the market to buy a house or to refinance your mortgage, act sooner rather than later.

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