Fixed-rate mortgages: Fixed mortgage rates are closely tied to long-term government bond yields, and are not directly tied to Fed interest rate moves. Look no further than the benchmark rate, the 30-year fixed mortgage, for a case in point. The national average rate on 30-year fixed mortgages has dropped from 6.3 percent on June 30, when the Fed first increased interest rates this year, to 5.72 percent as of Dec. 8, the date of the last Bankrate.com national survey of large lenders.

Fixed mortgage rates have declined despite repeated Fed rate hikes as the economy has worked through an economic "soft patch" and job growth has been inconsistent. Any disappointing economic data conjures images of a Fed that will be less aggressive in raising short-term interest rates. Although the Fed has continued to boost short-term interest rates and inflation pressures appear to be emerging again, long-term interest rates and mortgage rates have defied indications of higher rates. Rates could move higher if consistent strong job growth or further declines in oil prices are seen. One other factor that could push rates higher: if the U.S. dollar continues to drop, leading to a decline in appetite for U.S. securities by foreign investors. Any mass exodus from the bond market by these investors could push interest rates significantly higher.

Adjustable-rate mortgages: Rates on ARMs are primarily tied to short-term indices, such as the one-year Treasury or the 11th District Cost of Funds Index. As the Fed boosts short-term interest rates, ARMs are far more sensitive after the fact than fixed-rate mortgages. For borrowers facing rate adjustments, the relevant comparison is the current level of the underlying index plus the loan's margin, vs. the initial start rate. As short-term interest rates rise, this contrast will expand and lead to some unpleasant rate adjustments for borrowers that took out ARMs at record-low interest rates. Consider a one-year ARM taken out in December 2003, when the prevailing national average was 3.9 percent. Now facing the first rate adjustment, with the one-year Treasury yield currently 2.6 percent and a loan margin of 2.75 percent, the rate would jump to 5.35 percent. For someone taking out a $165,000 loan last December, the monthly payment increases by nearly $140.

Home equity loans: Rates for home equity loans are fixed, and any changes in rates do not affect existing borrowers. Small, short-term home equity loans are often tied to the prime rate, which moves in close concert with Fed interest rate hikes. For these loans, locking in rates sooner, rather than later, will insulate borrowers from higher rates. But most borrowers taking home equity loans are borrowing a significant amount of money and repaying it over 10 or 15 years. Rates on these products will track more closely to long-term interest rates, much like fixed-rate mortgages. Since Bankrate.com switched to tracking a loan amount of $30,000 in the weekly survey on July 21, the average home equity loan rate has dipped from 6.99 percent to 6.89 percent. Another increase in short-term interest rates may not have an immediate impact on many fixed-rate home equity loans, but if long-term interest rates begin to rise, then home equity loan rates will follow.

Home equity lines of credit (HELOCs): Since Bankrate.com switched to a $30,000 line of credit in the weekly survey on July 21, the average HELOC rate has increased from 4.71 percent to 5.4 percent. Variable-rate HELOCs will continue to increase for both existing and new borrowers. Lenders will be quick to reprice HELOCs on the heels of the Fed's rate hike, with most borrowers noticing the higher rates within one or two billing cycles. HELOC rates will closely mimic moves in the prime rate.

Auto loans: Rates for new- and used-car loans are fixed-rate loans and Fed moves will not impact existing borrowers. Much of the impact of an interest rate hike is seen before a Fed move, as car loans are increasingly responding to yields on Treasury securities. This is because lenders are packaging auto loans together and selling them into the secondary market, as is often done with mortgages. With the uneven job growth, yields on three-year Treasury securities are only modestly higher over the past several months. As a result, car loan rates are only slightly higher despite the Fed's repeated short-term interest rate hikes. The average four-year new-car loan rate is currently 7.49 percent, up from 7.43 percent on June 30. The average three-year used-car loan rate has actually declined slightly, from 8.46 percent to 8.36 percent, since June 30.

Certificates of deposit: Yields on certificates of deposit move with yields on Treasury securities of a similar maturity, as they compete for the same investment dollars. Longer-term CDs, such as the five-year CD, move further in advance than a short-term CD, such as the three-month CD. Yields on three-month and six-month CDs increase in closer concert with actual Fed moves, and have been increasing steadily since the first rate hike on June 30. The average three-month and six-month CD yields are now 1.32 percent and 1.61 percent, up from 0.89 percent and 1.08 percent, respectively, on June 30. Just as fixed-mortgage rates move independently of the Fed's handling of short-term interest rates, so too do yields on many CDs. After a sharp increase between March and July, yields on five-year CDs fell from 3.62 percent to as low as 3.48 percent in November due to the uncertain economic climate. More recently, five-year CD yields have rebounded slightly, to 3.53 percent. Should the economy exhibit evidence of consistent job growth, the yields on longer maturities such as the five-year could climb in a more significant fashion.

Money market accounts (MMAs): Yields on money market accounts are closely tied to what the Fed does with short-term interest rates. But not all banks will be eager to reward depositors with better returns. The largest banks that dominate in many markets around the country have been very stingy about increasing money market payouts. As a result, the average money market account yield has shown scant improvement since June, rising from 0.45 percent to 0.52 percent. For the best returns, see Bankrate.com's highest-yielding money market accounts, where banks are more apt to pass along higher yields to investors soon after the Fed meeting.

Money market mutual funds (MMMFs): Yields on money market funds have been increasing steadily since the June 30 Fed rate hike and will continue to do so on the heels of a fifth rate hike on Dec. 14. It may take nearly three months before a rate hike is completely reflected in money fund yields as short-term investments within the fund mature and are then reinvested at the now higher rates. Even though money fund yields have been increasing since the Fed started boosting short-term rates in June, the best-yielding money market mutual funds still fall far short of the highest-yielding bank money market deposit accounts.

Credit cards: Variable-rate credit cards will move in direct response to Fed interest rate action, as most are tied to the prime rate. Some cards were immune from the initial interest rate hikes because they had previously hit floor rates, but with the repeated interest rate increases they are now rising. There can be a lag of up to three months between an interest rate hike and a credit card repricing. However, rates are quicker to rise than to fall. From the Fed's first interest rate hike on June 30 to the fourth rate hike on Nov. 10, the average standard variable rate increased from 13.53 percent to 14.34 percent. Following a significant change in the cards surveyed the following week, the average rate subsequently declined, clouding the comparison. Even fixed-rate credit cards are potentially sensitive to rising rates, as issuers can change the rate with as little as 15 days' notice. Issuers tend to reprice fixed-rate cards in response to a series of interest rate hikes rather than after each individual change. Although the average fixed-rate card is about the same as in June, some issuers have switched fixed-rate cards to variable-rate. Fixed-rate credit cards are not a haven from higher rates.