The Federal Reserve recently made a statement that has left many borrowers worried about the cost of taking out a loan. With the most recent interest rate hike, the cost of borrowing has significantly increased, making the costs for those who are looking to purchase a home in the near future more expensive.

The announcement of the new interest rate hike is coming at an inopportune time for many potential home buyers. With many families already financially strained due to the pandemic, they are now even further from their dreams of homeownership. Not only does the interest rate now make the initial purchase of a home more of a challenge, but it also increases the total cost of borrowing and repayment.

Most important elements of the text:
– The Federal Reserve recently announced another interest rate hike, making borrowing more expensive
-This announcement is hitting potential homebuyers at an inopportune time
-The hike in interest rate increases the initial cost of purchasing a home, as well as the total cost to borrow and repay loans

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