Feds Raise Rates, What does that mean for mortgage financing?

The Fed raised interest rates a quarter of a point this afternoon. Here’s what it means for your money.

Mortgages: If you’re shopping for a new house, the mortgage could run you an additional $720 a year if all of the Fed’s three expected rate hikes go through, based on a $200,000 home currently financed at over 4 percent, according to Bankrate.com.

However, long-term mortgage rates are not tied directly to the federal interest rate.

***In fact, the last time interest rates went up, mortgage rates went down.

Get the full story herehttp://www.nbcnews.com/business/consumer/what-interest-rate-hike-means-you-n733796