10 things real estate agents should know about the Fed's rate hike

  • The Fed raises or lowers the overnight cost of money, “Fed funds,” not mortgage rates -- but mortgage rates did rise a little today.
  • The Fed plans three more hikes through 2017.
  • When short-term rates keep rising, but long-term rates stop, it's time to worry.

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The Federal Reserve raised rates at its December meeting by 0.25 percent. Here’s what you need to know about the event.