August inflation data showed prices stayed elevated, pushing the odds of a Federal Reserve rate hike next week to 90%, Mint Markets reported. Higher rates would raise costs for mortgages, credit cards, and auto loans.
Whether you're financing your first car or managing a mortgage, a rate hike raises monthly borrowing costs. Oil above $100 also tends to lift prices at the gas pump and grocery store.
Track the Federal Reserve's rate decision at its policy meeting next week and watch how banks adjust loan and savings rates afterward.