Mortgage rates dipped slightly after the Fed raised its benchmark rate, which is mildly good news for homebuyers but bad news for anyone carrying variable-rate debt like credit cards.

• The Fed raised rates a quarter point, but that does not automatically push mortgage rates up.
• Lenders say mortgage rates actually dropped a bit the day after the hike, and big financed purchases like homes and cars should see little impact.
• Credit cards, some private student loans, and home business lines of credit will get more expensive, since those have variable rates.
• The bigger driver of inflation is the Iran conflict: the Strait of Hormuz closure cut oil supply by 20%, sending gas prices up and raising costs across the board.
• Mortgage rates last jumped in mid-August when the Middle East conflict flared up again.

Outlook: The full effect of the rate hike will take several quarters to show up, and if it cools inflation it could end up being good for everyone.