With rates elevated and likely to go higher there are some steps to take now - and others to avoid.
Higher interest rates could also make fixed income investments like Treasury securities more appealing.
If you're nervous about rates rising further after you've already purchased Treasuries, you could put some of your cash there now"and keep an eye on the potential for rate hikes down the road. If rates go up, you can think about investing more at that time," says Camberato.
"If you are considering purchasing a new vehicle, make sure you review the interest rates on auto loans. If you have a current auto loan, it could have a much lower interest rate than today's loan rates. Purchasing a new vehicle at a higher interest rate will increase the overall cost of the car," says Toft.
"If refinancing is the best option for your financial and life goals, take a closer look. Sometimes, paying a bit more interest can still make financial sense. Do your homework, make some forecasts, and don't shy away from a profitable move, even in high-rate times," says Camberato.
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