(WXYZ) — The Federal Reserve announced Wednesday that interest rates will go up .75 of a point as part of the board's effort to slow inflation. The increase marks the highest interest rates have been since 2008.
The higher interest rates make borrowing for items such as homes and cars more expensive.
If you're in the market for a home and wondering about what your monthly mortgage payment would be — there's a way to financially map it all out.
Mortgage calculators can help you get an idea of your payment. Just enter a few details like home price and down payment to get your total.
