What does the Fed’s interest rate increase means locally?

Medford, Ore. – Federal Reserve is raising interest rates another quarter of a percent.

The Feds expect this to be the first of three increases this year.

That means you’ll pay more for a home or car loan. But experts say it’s not a bad thing.

Mike Newmann with the Newmann Group at Evergreen Home Loans said, “It was just unprecedented low and it needed to make a correction upwards, and that’s what we’ve seen gently over the last few months.

Newmann said the real concern locally is a lack of inventory in the housing market.

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