The Federal Reserve raised interest rates on July 27 in the hopes of managing inflation.

The raising rates has been raised by 0.75 of a percentage point.

We reached out to an economics expert, a professor at Penn State Behrend, to tell us what this could mean for those interested in buying homes and cars. He said interest rates will likely continue to go up.

“They may continue to raise interest rates at future meetings. So in September, later this year, interest rates may go up even more so that people are going to face higher interest rates. If they have to take out credit, they might want to do it soon to avoid those future interest rate hikes,” said Kenneth Louie, Associate Professor of Economics at Penn State Behrend.

Experts say this is an attempt to tackle high inflation rates across the nation.