Financial advisor: Interest rate increase is good - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

Financial advisor: Interest rate increase is good

CAPE GIRARDEAU, MO (KFVS) -

A financial advisor says the interest rate increase simply means we are living in a better economy.

"It's just a good sign, this is a good sign that we're headed in the right direction," Stan Irwin said. 

Irwin is an financial advisor for Edward Jones. He said the Federal Government raising interest rates is the right thing to do.

"They just raised the interest rate a quarter point, but it's a move in the upward direction," he said.

After months of talks, the Feds upped rates by a quarter point, the first raise in nearly a decade.

So, what does this mean for you?

If you're looking to buy a car, it may not mean much right now. A couple financial advisors at dealerships in the Heartland say rates are averaging around 3.6 percent, and have been for the last few months.  

That could change if you're shopping after the holidays.

For Home buyers, Irwin said lenders have been increasing interest rates for the last few months in anticipation of this announcement.

So, you shouldn't see any huge difference.

"Most of what you saw today was baked into the environment, the markets and they were just waiting for her, Janet Yellen, to say they were going to raise a quarter point to make it official," Irwin said.

Irwin said though interest rates are expecting to grow very slowly, he advises consumers to buy now.

"I think with this first move there's no doubt interest rates will be higher in the future, so holding off those purchases may present a higher buying cost for the consumer," he said.

Download the KFVS News app: iPhone | Android

Copyright 2015 KFVS. All rights reserved.

  • Trending StoriesTrending StoriesMore>>

  • Man who shot judge is father of player convicted of rape

    Man who shot judge is father of player convicted of rape

    Monday, August 21 2017 10:11 AM EDT2017-08-21 14:11:25 GMT
    Monday, August 21 2017 5:52 PM EDT2017-08-21 21:52:36 GMT

    Ohio officials say a county judge was shot and wounded as he walked toward a courthouse, and the suspect was killed when a probation officer returned fire.

    Ohio officials say a county judge was shot and wounded as he walked toward a courthouse, and the suspect was killed when a probation officer returned fire.

  • Hike turns tragic when parents tumble off cliff in New York

    Hike turns tragic when parents tumble off cliff in New York

    Monday, August 21 2017 9:21 AM EDT2017-08-21 13:21:40 GMT
    Monday, August 21 2017 5:44 PM EDT2017-08-21 21:44:16 GMT

    A family hike in a western New York gorge turns tragic when a mother and father died after falling off a cliff and their 4-year-old son was seriously injured.

    A family hike in a western New York gorge turns tragic when a mother and father died after falling off a cliff and their 4-year-old son was seriously injured.

  • WATCH: 2017 total solar eclipse

    WATCH: 2017 total solar eclipse

    Monday, August 21 2017 1:52 PM EDT2017-08-21 17:52:35 GMT
    Watch coverage of the total solar eclipse Monday as it passes over the U.S. (Source: Pixabay)Watch coverage of the total solar eclipse Monday as it passes over the U.S. (Source: Pixabay)

    Watch coverage of the total solar eclipse Monday as it passes over the U.S.

    Watch coverage of the total solar eclipse Monday as it passes over the U.S.

Powered by Frankly