Prepare for rising rates.

The Federal Reserve raised interest rates by 0.75% on June 15 in the biggest increase since 1994. This was the third rate increase in 2022 and the most aggressive in the Fed's efforts to rein in soaring inflation. This means prospective homebuyers, homeowners with variable mortgages and investors will begin to feel the effects of rising interest rates, if they're not already. To protect your money, here's what to watch for when interest rates go up.