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Interest Rates Will Rise Modestly in 2015, Borrowing Costs to Remain Low

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Interest rates are expected to increase only modestly later this year, which bodes well for consumers who plan to finance their purchase of cars and homes.

The Federal Reserve is expected to increase interest rates by June or later this year, which will only have a slight effect on mortgage and auto loan rates, CDs and credit card rates, said Greg McBride, CFA,’s chief financial analyst.