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harry smith on the end of an internet era announcer: this is nbc nightly news with lester holt good evening today some tough medicine for an american economy racked by high inflation. the federal reserve raising a key interest rate 0.75% it s the biggest bump-up since 1994 a hike sure to be felt in the wallets of american borrowers. think higher mortgages rates and bigger credit card payments which we ll get into in a moment. what s it all about? the fed hopes the increase will start putting the brakes on inflation which is running at 40-year highs. gas, food, prices, you name it. it s all soaring investors liked the news today the markets rallying on the fed announcement policymakers weighing future increases while trying to steer around the risk of a recession. let s tell you what you need to know about all this starting with tom costello reporter: for days, the fed has telegraphed that it would go big today after acknowledging it should have acted sooner to r ....
Interest rates, as you heard, will likely send mortgage rates higher in coming weeks pushing some people to buy now for fear of paying more later. jo ling kent reports in our series priced out. i m so glad that we found these. reporter: sky callahan was in a rush so financially overall it s been a little bit of a struggle we had to either buy before the rates went up or completely wait. reporter: with a growing family, she needed a bigger house. calculating what the new jersey family could afford depended on interest rates which have surged. a 30-year fixed rate mortgage climbing from 3.3% at the start of this year to 6.22% now. home prices have been soaring, too median sale prices have skyrocketed 16% in the past year the combination can mean as much as $1,000 increase in monthly payments for families like the callahans, a trend pushing some to act in a hurry ....