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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.

RELATED: Federal Reserve raises key rate by quarter-point from near 0 in effort to tame inflation

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.

RELATED: 4 steps to take before Fed raises interest rates

He said for those saving, interest saving should go up but for those borrowing, you’re costs are going to go up.

For more, watch the interview above.

Copyright © 2022 WLS-TV. All Rights Reserved.

Source: ABC7

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