Citing a bright economic outlook, the Federal Reserve last week raised its key short-term interest rate by ¼% and signaled it may do so three more times this year. While the Fed’s action doesn’t automatically boost mortgage rates, they should rise in response soon. A ¼% increase on a $500,000 loan will cost over $40/month. Homebuyers should consider buying sooner than later as both interest rates and prices are sure to rise in the future.