The economy, the Fed and inflation all have some influence over long-term fixed mortgage rates, which generally are pegged to yields on U.S. Treasury notes, so there's already been a creep up from record-low levels well before the Fed made any official move.
The average 30-year fixed-rate mortgage is now about 4.08 percent — up slightly from the record low of 3.5 percent in December 2012.
With interest rates rising, adjustable-rate mortgages will certainly be heading higher, too, and those with an ARM "are sitting ducks for getting another increase," McBride said.
One option to consider is refinancing. "With fixed rates still near the 4 percent mark, there's no sense in holding on to an adjustable rate," he said.
Many homeowners with adjustable-rate home equity lines of credit, which are pegged to the prime rate, also will be affected. But unlike an adjustable-rate mortgage, these loans reset immediately rather than once a year.
For example, a rate increase of 25 basis points would cause borrowers with a $50,000 home equity line of credit to see a $10 to $11 increase in their next monthly payment, according to Mike Kinane, senior vice president of consumer lending at TD Bank.
While that's not a big change, those worried about the escalation of rates can often convert the balance into a fixed-rate option at any time, Kinane said