Fed raises interest its target for the federal funds rate by 25 basis points to 5 percent

It was announced today that Ben Bernanke and company raised the rates again, for the 16th time in a row.
The raise applies to the amount of interest banks can charge each other for overnight funds, but indirectly impacts other interest rates as well.
It seems many people believe that this means you'll pay more every month for your mortgage starting tomorrow. There is a trickle down effect that touches everything from the greater economy to your car loan to your mortgage payment. It's gradual though.
You can walk into any bank today and receive a mortgage, assuming decent credit history and moderate income, with about 6.5% interest.
What does that mean to you every month?
Each ten thousand dollars worth of home will cost you about $65/month in a mortgage payment. So, to extrapolate, a $200,000 home for sale in Bexley will cost about $1300 principal and interest. Of course taxes and insurance are tacked on.
Taxes differ by municipality and insurance is generally less than most people think, usually under $100/month.