🚨 The Fed raised interest rates yesterday—but that does NOT mean your mortgage rate automatically went up 0.25%.

The Federal Reserve increased its benchmark target range to 3.75%–4.00% as it continues trying to bring inflation back toward its 2% goal.

For Long Island buyers, the bigger issue is your monthly payment.

Mortgage rates are influenced heavily by the bond market and longer-term Treasury yields—not simply by adding the Fed’s rate change onto your mortgage.

And on a large Long Island mortgage, even a half-point difference can mean hundreds of dollars a month.

For sellers, affordability matters too. Buyers are calculating price, mortgage rate, taxes and insurance together when deciding what they can comfortably afford.

Don’t make a buying or selling dec ...