Americans across the country are paying more for just about everything, and shouldn't expect relief anytime soon.

The Federal Reserve raised the benchmark interest rate by half a point earlier this week in hopes of slowing inflation. So if you're looking to buy a home or borrow money, you'd better be ready to spend.

Mike DeLuca, a real estate agent at Coldwell Banker, said this is not good news for homebuyers. 

"Interest rate increases are not good," DeLuca said. "Everything costs more."

"Your interest rate just went up," he added. "Your monthly payment just went up, and probably by a lot too."

Interest rates to buy the average home stood at about 3% last year. Now, they are closer to 5% or 6%.

"So if you're a buyer, you're either buying less house, or your monthly payment just went up a lot," DeLuca said. In Worcester County, inventory is down about 40%, while housing costs are up more than 11%.

"It is a very good time to sell," he said. "It is going to continue to be a very good time to sell."

DeLuca said there is nothing prospective homebuyers can really do. He did, however, offer his tips for dealing with it.

"There's lost of techniques and things that we can do to help you buy that house," he said. "Try to increase your income, reduce your debt, get loans from parents if you can."

On the bright side for buyers, DeLuca said the rise in interest rates could cool the housing market for a little while, meaning fewer buyers and less competition.