Wednesday was a historic day with the Federal Reserve opting to raise target interest rates for the first time in almost a decade. The move may make some types of borrowing more expensive and put some prices under pressure.
But with a limited effect on mortgages, the housing market shouldn't necessarily worry — indeed, the move might even be a good thing, one expert told CNBC's "Closing Bell."
"A modest move in rates because of a good economy, which is really the messaging around this move, I think is very encouraging," said Douglas Yearley, director and CEO of luxury housing company Toll Brothers. "We're actually thinking that this is going to bring out some pent-up demand, it's actually going to move some demand in, and we're pretty optimistic about where we go."