How steep Fed rate hikes affect your finances

Steady rate increases are making it costly to borrow for homes, cars and other purchases.

NEW YORK — 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.

RELATED: Fed escalates its inflation fight with another big rate hike

Wednesday, the Federal Reserve sharply raised its key short-term rate

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