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Federal interest rate hikes are here: How will it impact your finances?

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NEW YORK (AP) - Mortgage rates have jumped, home sales have slumped and credit cards and auto loans have gotten pricier.

Savings rates are slightly juicier, though.As the Federal Reserve has rapidly increased interest rates, many economists say they fear that a recession is inevitable in the coming months — and with it, job losses that could cause hardship for households already hurt worst by inflation.Wednesday, the Federal Reserve sharply raised its key short-term rate by three-quarters of a point for a third straight time, even as its previous rate increases are being felt by households at all income levels.The Fed's latest move has raised its benchmark rate to a range of 3% to 3.25%, the highest level in 14 years.

Its steady rate increases have already made it increasingly costly for consumers and businesses to borrow — for homes, autos and other purchases.

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