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The Indicator from Planet Money

How mortgage rates get made

The Indicator from Planet Money

NPR

Business

4.79.2K Ratings

🗓️ 16 March 2022

⏱️ 8 minutes

🧾️ Download transcript

Summary

All eyes were on the Federal Reserve today as it hiked interest rates. What does the 0.25% increase mean for people borrowing money? And how exactly does the Federal Reserve raise interest rates?

Transcript

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0:00.0

NPR.

0:11.4

This is the indicator for plan of money.

0:12.7

I'm Adrian Ma.

0:13.7

And I'm Daryl Wards.

0:14.7

And Adrian, today we have perhaps the most significant but also completely unsurprising

0:20.0

economic news.

0:21.6

The Federal Reserve, the US Central Bank, raised interest rates today.

0:25.6

And supported these goals, the FOMC raised its policy interest rate by one quarter percentage

0:31.6

point.

0:32.6

So yes, so this is probably like the opposite of a plot twist, right?

0:35.3

Yeah, like what would you call it?

0:36.8

Plot straight?

0:37.8

Exactly.

0:38.8

It was a plot straight.

0:39.8

Yeah, I mean, even after the Russian invasion of Ukraine, it was still really clear from

0:44.8

comments in the media and to the public that the Fed was very likely to raise interest

0:49.3

rates today.

0:50.3

So what's that mean?

0:51.3

Well, basically that means car loans, business loans, mortgages.

0:55.5

All those are going to get a little bit harder to afford.

0:58.7

And the theory is that fewer people are going to want loans and with fewer loans being

1:03.1

made, that'll slow down spending in other parts of the economy.

...

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