The Federal Reserve has decided to halt its efforts to increase interest rates. This comes as a breather after 15 straight months of hikes. It could mean some relief for people dealing with more expensive mortgages, credit cards, and loans.

From March 2022, when the hikes started to keep inflation in check, borrowing has become significantly pricier. For example, a typical 30-year mortgage has shot up from 3.2% to 6.8%. 

Despite this, the good news is the Fed’s strategy seems to be working. The rate of inflation is slowing down, the slowest increase we’ve seen in two years, according to the latest data.

Experts say pausing rate hikes is good, but the impact of past increases is already felt. It’s uncertain if this pause is temporary or a long-term shift.

So what does this mean for you? Well, your mortgage rates are likely to stay put for a while. This should be some consolation after the quick rise in home loans. Now, thanks to the Fed’s pause, we might see some stability.