5 Financial Moves to Make While Interest Rates Are High

Here’s what you should do and what you should avoid while interest rates are high.

Shutterstock

By Joseph Camberato

The Federal Reserve’s most recent rate hike took the federal funds rate to a target range of 5.25–5.50. This is the highest interest rates have been in over 20 years, and it’s changing the way Americans save and spend money.

Changing market conditions provide an excellent opportunity to re-evaluate your finances. Rising interest rates pose challenges for borrowers but also provide new opportunities to save and try different investing strategies.