If fed goes with the rate increase on Dec. 15 -16 how soon will this effect me?

First understand that the Fed rate has nothing to do with mortgage rates directly.. The Federal Reserve lends money to major institutions over night and the rate that you hear the fed's talking about is this intrabank overnight rate.. and right now it's next to nothing.. but in the economic environment, if the feds raised the rate, then that would indicate a more health economy.. and increased rates help curb inflation.. this would be good news economically, and as a result, would have a negative impact on mortgage rates.. if Fed Reserve does not raise rates (This is what I would predict will happen), then that would be bad news economically, and in turn should have no impact on rates or could possibly push them lower.. so because no one has a crystal ball, if the news is bad economically, then that's good for interest rates and will push them lower.. and vise versa.. Also, wall street typically reacts immediately... so if there is any movement one way or another, it will be the day before (wall street can actually see into the future), that day the fed Chairman talks, or the following day.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347