The era of cheap money that lifted your house, your portfolio, and just about everything else for nearly two decades is over and the bill starts with borrowing. On September 16, 2026, the Federal Reserve raised its benchmark rate by a quarter point to a target range of 3.75% to 4%, its first hike since 2023, in a unanimous vote under new chair Kevin Warsh. Updated projections point to the policy rate reaching 4% to 4.25% by the end of 2026 and 2027, meaning at least one more increase could still be coming this year. Warsh framed the move as a push for a "timelier" return to 2% inflation, and President Trump publicly pushed back, arguing rates should be far lower. For households, the pressure shows up first in debt. The 30-year fixed mortgage averaged 6.95% as of September 17, 2026, up from 6.76% a week earlier and 6.26% a year ago, with Bankrate's lender survey running just above 7% the highest since early 2025. Auto borrowing is no cheaper: Experian pegged the average new car loan nea...