Yes, we’ve all heard the news: the economy is performing well so interest rates are on their way up. After the economic downturn of 2007-08, the Fed took drastic measures to bolster the economy, such as reducing the price banks pay to borrow money to near zero, which in turn lowered borrowing costs for homeowners, among other things. For the first time in nearly a decade, the Federal Reserve approved a quarter-point increase in its benchmark lending rate earlier this week. What does this mean for homebuyers who plan to finance the purchase of a home with, for example, an adjustable-rate mortgage or a HELOC? Although interest rates will not be skyrocketing overnight, they are expected to start climbing gradually, […]