Oh, you want to buy a house? The bad news is that right now, you would pay a historically high price for a home, and as of today, you’d also hand over more money in interest for the privilege to do so — a whopping 5 percent, on average.
The Biden administration plans to freeze federal student loan payments through Aug. 31, extending a moratorium that has allowed millions of Americans to postpone payments during the coronavirus pandemic, according to an administration official familiar with the White House’s decision-making.
The Federal Reserve approved the first interest rate hike in the U.S. since 2018 this month, and several more increases seem likely in the months to come.
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Investors expect the Federal Reserve to move much more aggressively with hiking interest rates in the coming months as inflation rises to multidecade highs.
The Bank of England has warned that inflation could hit 8 per cent by as early as next month in Britain as it raised interest rates to pre-pandemic levels on Thursday.
