SPRINGFIELD, Mass. (WWLP) – Happening this week, the Federal Reserve is expected to raise interest rates again to combat inflation.

22News spoke with a Professor of Economics and Finance at American International College. He told us that it’s expected that during Wednesday’s meeting that announcement could be made about pausing the interest rate hikes.

Rates are expected to increase by one-quarter of a percentage point. AIC Professor John Rogers explained, “We’re starting to balance out but it just takes a while, and the price of it may be a recession of some sort. The consensus is that will be later this year and early 2024.”

According to reports, average credit card rates top 20% and mortgage rates now average around 6.5%. Due to inflation and the the interest rate hikes, experts say home buyers are losing considerable purchasing power in this housing market.