Indicators of the Year, Family Feud

The Federal Reserve raised interest rates seven times this year. When the Fed raises interest rates, it generally gets more expensive to buy a car. Mortgage rates tend to go in the same direction so it has big lasting impacts on consumers. If you bought a house in January of this year when rates were at their lowest, you will end up paying almost a quarter of a million dollars in interest on that loan. Today, with mortgage rates so much higher, you will pay more than double that for the same house, same loan and out.