Fed orders another jumbo interest rate hike: What it means for you

Fed orders another jumbo interest rate hike: What it means for you

The central bank raised its benchmark interest rate by 3/4 of a percentage point.

The rate was near zero in March and has now jumped to 3.75% points over the last eight months.

That's the most aggressive string of rate hikes in decades, but has done so little to curb inflation.

The cost of borrowing will continue to rise for consumers and businesses.

Mortgages have topped 7% for the first time in two decades.

Every 0.25 percentage-point increase in the Fed's benchmark interest rate translates to an extra $25 a year in interest on $10,000 in debt.

The 0.75 percentage-point hike will add an extra $75 of interest for every $10,000 in debt.

Consumers will be paying an extra $300 in interest on every $10,000 in debt.