borrowing

People who agreed to buy homes under construction but haven’t yet closed are facing mortgage-interest rates that could be nearly double what they anticipated when they paid their deposits.New-home buyers are confronting multiple obstacles this year, from surging mortgage rates to home construction that is taking longer than usual due to supply-chain and labor constraints. Many home buyers who signed contracts for new homes in 2021 or early this year calculated monthly payments based on near-record-low mortgage rates of…

Newsday Llc | Newsday | Getty ImagesOn top of elevated prices for new and used cars, financing the purchase of one is about to get more expensive.With the Federal Reserve boosting a key interest rate by half a percentage point on Wednesday, borrowing costs are poised to head higher on a variety of consumer loans, including those for autos. This marks the Fed's largest increase in more than two decades."In the past, interest rate hikes didn't affect the new car market significantly because automakers subsidize many loans,"…