The Federal Reserve on Wednesday announced an increase in interest rates — and that more hikes could be coming in the new year.

The move has impacted stocks and bonds but will also affect other areas of day to day life, including housing.

And, given that industry’s importance to the Valley, we wanted to get a sense of how the higher interest rate could impact the housing market here.

Mike Orr, founder of the Cromford Report, which is a resource for the Phoenix housing market, discusses what kind of impact the Feds’ decision will have on things here.