On December 16, 2015, the Federal Reserve Board of Governors increased interest rates for the first time since June, 2006. The increase was small, only 25 basis points, from a range of 0-0.25 percent, to a range between 0.25-0.50 percent.  The near-zero rate, in effect until last week, was intended by the Federal Reserve to combat the financial crisis of 2008.  An increase of this size is not projected to have an immediate impact on the housing market, however, because 30-year mortgages are typically priced off of the 10-year Treasury rate rather that the short-term rate controlled by the Federal Reserve Board of Governors. These increases may be good news for banks whose interest rates are tied directly to the Federal index by stemming the decline in their net interest margin—the difference between the interest income a bank generates, and the interest it pays on deposits to customers.  Federal Reserve Chair, Janet Yellen announced that the decision to raise rates is a vote of confidence in the American economy and that additional, gradual increases are likely over the next several years if economic growth continues.