If you're a borrower, you're going to pay, and if you're a saver, you're not going to get paid — such is the nature of interest rate hikes.
Those with revolving debt could see increases in their payments within 60 days. Homeowners with adjustable-rate mortgages will get hit when their loans reset. Savers, though, aren't likely to get much benefit for quite a while.
"If the Fed hikes rates three times this year, that could make your next payment a doozy," said Greg McBride, chief financial analyst at Bankrate. Borrowers are "going to start to notice, and the cumulative effect becomes significant."
For example, a homeowner with a $200,000 mortgage could see a payment increase of close to $60 a month, he said, while those with larger loans could see increases of $100 or $150 depending on how quickly the Fed moves.
As things stand now, the Fed is on track to meet that expectation for three hikes. Central bank officials indicated in December that three would be likely for 2017, and the market is currently pricing in March, June and December as the most likely time for increases.