Interest rates

As expected, the Fed boosted the federal funds rate a quarter-point today. As was not expected, at least not a week ago, the Fed is expected to raise the rate another quarter-point next month. The Fed's moves this year haven't been reflected in mortgage and purchase financing yet, and they haven't shown up much more in operations financing, but the operative word is yet. Rates in general now seem to be experiencing upward pressure. Check Bloomberg for more info.