By CHRISTOPHER S. RUGABERWASHINGTON (AP) â¿¿ All it took was speculation that the Federal Reserve could slow its bond buying months from now â¿¿ and then a few words Wednesday from Chairman Ben Bernanke to confirm it. The result is that record-low interest rates that have fueled economic growth, cheered the stock market, shrunk mortgage rates but punished savers are headed up. And once the Fed starts scaling back its bond purchases, those trends could accelerate. It means home loans are starting to cost more. Corporations will pay more to borrow. Bond investors are being squeezed. The stock market is plunging. The yield on the 10-year Treasury note, a benchmark for long-term mortgage rates and other loans, hit 2.43 percent Thursday. As recently as May 3, it was 1.63 percent. For now, mortgage rates remain extremely low by historical standards. Economists say rates might not rise much further unless the economy strengthens significantly. And the fact that Bernanke and the Fed think the economy is healthier represents a critical dose of confidence. Slightly higher rates may spook stock and bond traders. But in the long run, a robust economy should sustain the housing rebound, support job growth and encourage businesses to borrow, even at somewhat higher rates. More economic growth should ultimately boost stock prices, too. Long-term investors saving for retirement, college educations and other major costs stand to benefit. The Fed's $85 billion-a-month in bond purchases have helped keep long-term rates down. Bernanke said he expects the Fed to stop buying bonds altogether by the middle of 2014 if it feels the economy can manage without that stimulus. He stressed, though, that if the economy weakens, the Fed won't hesitate to step up its bond purchases again. Here's how higher rates will affect consumers, businesses, investors and other players.