The Federal Reserve hiked interest rates by 0.75 percent for the second straight time on July 27. The June 15 increase was the largest since 1994.

Variable loan costs rise. Variable prime rate borrowers will see their payments climb when interest rates rise.

Bond markets fall. Interest rates rise, bond markets plummet. Fed Chair Jerome Powell stated in May that the central bank would cut its $9 trillion stockpile of Treasury bonds and mortgage-backed securities starting in June.

CD returns rise. When interest rates climb, CDs can offer higher annual yields, attracting new investors.

Savings account returns rise. When interest rates climb, banks frequently raise savings account rates, but not always. B

Money market account returns rise. Money market funds can outperform savings accounts when interest rates rise.

Mortgage costs may rise. The 30-year fixed-rate mortgage is based on long-term interest rates, so purchasers' costs will grow as rates rise.

Credit card debt rates rise. Banks charge people with credit card debt more as interest rates climb.