One reason why mortgage rates don't move in tandem with the Fed's rate decisions is that markets act in anticipation of whether the Fed will hike or cut rates. Today's rate increase was expected, and 10-year Treasury yields – and the mortgage rates that follow – already posted a meaningful increase in the week running up to the Fed's announcement.

Mortgage rates rose sharply Thursday, as bond yields surged, with the average rate on the 30-year fixed hitting 7.45%, according to Mortgage News Daily. While other outlets, like Freddie Mac, reported Thursday morning that the rate had just crossed 7%, that report was an average of the last week.

Home loan rates and the Federal Reserve's benchmark for short-term interest rates are loosely linked. Why mortgage rates are rising anyway.

Planning to buy a home soon? The Fed's next move could change the mortgage rate outlook for borrowers.

The average rate on a 30-year mortgage in the United States jumped to 7.03 percent, putting pressure on housing affordability.

The Fed's quarter-point rate hike will impact a range of consumer borrowing and savings costs, including mortgages, credit cards, car loans and deposit rates.

What would motivate you to give up your 3% mortgage rate? U.S. News spoke with five homeowners who let go of record-low rates to learn about their experiences and share their tips.