ET has learned that Ray, her husband and their dog Bella are safe.
However, according to the 51-year-old celebrity cook's rep, the house is "unfortunately damaged and we don't yet know to what extent." The couple was "home when it started but don’t know the cause as of yet."
Journalist Mark Mulholland reiterated that the state of the house was dire in a Twitter post featuring two images of the fire.
The snaps showed giant flames bursting out from the roof of the home, which was surrounded by smoke.
"Seeing some of the first pictures of the fire at the Lake Luzerne home of @rachaelray and it does not look good," the reporter captioned the images.
Ray's daytime series, Rachael Ray Show, is currently on a summer hiatus.