It’s official: the Fed has again raised the federal funds rate by a quarter of a percentage point, to 4.75 percent. The prime rate will rise immediately to 7.75 percent.

Not welcome news for HELOC borrowers since HELOC loan rates are typically use the prime as their index. The rate increase is the fifteenth consecutive hike; not since early 2001 have rates reachd this level.

Most economic observers expect one more quarter point rate hike befor the Fed eases off.