The Federal Reserve raised its benchmark interest rate by a quarter point this week. Whenever that happens, people naturally assume 30-year mortgage rates will automatically increase by the same amount.

That is not exactly how it works.

The federal funds rate is a short-term, overnight interest rate. It directly influences things like credit cards, home equity lines of credit and other short-term borrowing.

Thirty-year fixed mortgage rates are different. They are priced more directly through the mortgage-backed securities market, which tends to move with longer-term bond yields. The benchmark most people watch is the 10-year U.S. Treasury.

Lately, the Treasury market has not been helping.

Bond prices have been falling while yields have been rising. On Tuesday, the 10-year Treasury yield reached 5.04%, its highest level since July 2007. When investors demand a higher return to hold government debt, mortgage investors generally demand a higher return as well.

That selling pressure is not only about the Fed. Investors are also weighing persistent inflation, heavy government borrowing, rising energy prices and the possibility that interest rates will remain elevated longer than previously expected.

Here is where it gets interesting: A Fed rate hike could eventually help long-term rates if investors believe it will bring inflation under control. That means the Fed can raise its rate while mortgage rates fall. The Fed can also leave its rate unchanged while mortgage rates rise.

It is not a one-for-one relationship.

According to Freddie Mac, the average 30-year fixed mortgage rate reached 6.95% this week, up from 6.76% the week before. But that movement cannot be blamed solely on Wednesday’s Fed decision. The bond market had already been pricing in inflation, government debt and expectations about what the Fed might do next.

For buyers, the practical lesson is not to wait for the next Fed meeting and expect immediate mortgage-rate relief. Watch the actual mortgage market, focus on the monthly payment and make sure the numbers work under today’s conditions.

Do you think mortgage rates will settle around 7%, or will we get some relief before the end of the year?