Fed rate hike this week to hit millions of borrowers

A major announcement from the Federal Reserve could affect your mortgage. The Fed is expected to raise interest rates today.

The Federal Reserve is expected to enact a quarter-point rate hike that would take its benchmark target to between 1 percent and 1.25 percent. TransUnion estimates that 8.6 million borrowers were unable to take the payment hit the last time the Fed hiked in December. Another full percentage point hike from here could cause 2.5 million consumers to be in danger of not being able to keep up with payments, the firm said.