After months of teasing, the Fed finally announced a long-awaited interest rate hike today—the first since 2006—increasing the interest rate by .25%.

The Fed released the decision today after the Federal Open Market Committee meeting. Despite market concerns, studies show the housing market can handle a rate hike.

The Fed considered raising rates in October, but decided to save the hike for a not-so-surprise Christmas gift.

The entire real estate community has spoken out in recent weeks regarding the pending hike with a variety of opinions.

The founder of real estate investment firm Mosaic, Ethan Penner, has called the increase a "non-event." Conversely, Rising Realty Partners CEO Nelson Rising said the Fed should not raise rates because of a number of "dark clouds" on the horizon, including the slowing Chinese economy, and the impact recent terrorist attacks could have on trade as some of the economic concerns.

The last time the Fed raised rates was on June 29, 2006. As the economy sunk into recession, the Fed dropped the rate—coincidentally exactly seven years ago today.

Check back in with Bisnow to get updates and commentary on the story as it develops.