If you've picked up a newspaper or caught the news recently, you've probably encountered a story about mortgage rates and the Federal Reserve banking system. Like many borrowers, you might wonder how the Fed determines interest rates and how - in the event of a rate hike - your personal finances could be affected. Here's a quick overview:
Banks, credit unions, and other lending institutions borrow money from Fed banks. Since they borrow these funds on a short-term basis, t...
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