The Federal Reserve raised short-term interest rates another quarter point today, while stating they expected to keep boosting rates at a "measured" pace. Some had worried that inflation amidst high oil prices might force the Fed into more drastic action.

This should be good news for the mortgage and real estate industries. Removal of the word "measured" could have caused an immediate spike in mortgage rates. Instead, mortgage rates should continue to rise, but at a "measured" pace.