Interest rates are on the rise, meaning home mortgages and auto loans are becoming pricier and it will cost the U.S. government more money to fund its debts. And that is (probably) a good thing.
Maybe not for someone looking to buy a house right now, of course. The U.S. government's borrowing costs rose to 2.14 percent Friday, from 1.63 percent on May 1, and that translated into the average national rate on a 30-year fixed-rate mortgage rising from 3.4 percent to 3.9 percent in that same span, according to Bankrate. The rate increase has Wall Street aflutter, as it worries about the sell-0ff in bonds that has been the flip side of the rising rates, and worried that it is a vision of what is to come when the Federal Reserve one day unwinds its easy money policies.
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