(WBAP/KLIF) – It is time to make a decision on whether to get that car or buy that house before interest rates continue to increase.
That advice from North Texas financial professional Cathy DeWitt Dunn of DeWitt & Dunn in Addison.
“We are trying to absorb what we just heard even though we all knew that 100% this was going to absolutely happen,” said Dunn.
The Federal Reserve announced a quarter of a percentage point rate hike on a key interest rate Wednesday.
The Fed is expected to raise it even more next year and Dunn believes there will be more sell offs on Wall Street through the coming days.
“I do. I think we might see that towards the end of the year,” Dunn said.
There is some good news for the average American with the interest rate increase.
Those who have savings accounts who have been earning very little on bank deposits will now see a change in how much interest they receive.
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