When the news says the Fed changed rates, homebuyers naturally ask what happens to mortgage rates. The two are related, but they are different numbers set in different ways.
What the Federal Reserve sets
The Federal Open Market Committee sets a target range for the federal funds rate, the rate banks charge one another for overnight loans. It is a short-term rate that influences borrowing costs across the economy.
What mortgage rates follow
A 30-year fixed mortgage rate is a long-term rate. It tends to track longer-term market yields, especially the 10-year Treasury, plus the extra cost investors and lenders charge for the risk and servicing of home loans. Lenders also price each loan using credit score, down payment, loan type and lock period.
Recent Fed decisions
The federal funds target range has been 3.75% to 4.00% since Sep 17, 2026. Here is every change since 2022.
View the numbers
| Date | Target range | Change |
|---|---|---|
| Mar 17, 2022 | 0.25% to 0.50% | Raised 25 basis points |
| May 5, 2022 | 0.75% to 1.00% | Raised 50 basis points |
| Jun 16, 2022 | 1.50% to 1.75% | Raised 75 basis points |
| Jul 28, 2022 | 2.25% to 2.50% | Raised 75 basis points |
| Sep 22, 2022 | 3.00% to 3.25% | Raised 75 basis points |
| Nov 3, 2022 | 3.75% to 4.00% | Raised 75 basis points |
| Dec 15, 2022 | 4.25% to 4.50% | Raised 50 basis points |
| Feb 2, 2023 | 4.50% to 4.75% | Raised 25 basis points |
| Mar 23, 2023 | 4.75% to 5.00% | Raised 25 basis points |
| May 4, 2023 | 5.00% to 5.25% | Raised 25 basis points |
| Jul 27, 2023 | 5.25% to 5.50% | Raised 25 basis points |
| Sep 19, 2024 | 4.75% to 5.00% | Lowered 50 basis points |
| Nov 8, 2024 | 4.50% to 4.75% | Lowered 25 basis points |
| Dec 19, 2024 | 4.25% to 4.50% | Lowered 25 basis points |
| Sep 18, 2025 | 4.00% to 4.25% | Lowered 25 basis points |
| Oct 30, 2025 | 3.75% to 4.00% | Lowered 25 basis points |
| Dec 11, 2025 | 3.50% to 3.75% | Lowered 25 basis points |
| Sep 17, 2026 | 3.75% to 4.00% | Raised 25 basis points |
Why the two can move differently
- Mortgage rates often move before a Fed meeting, because markets price in what they expect.
- A Fed change that was widely expected may barely move mortgage rates on the day.
- Long-term yields respond to expectations about growth and inflation, not only to the Fed's next step.
- Lender pricing, investor demand for mortgage bonds and loan-specific factors add their own effects.
For context, the Freddie Mac survey average for a 30-year fixed mortgage was 7.03% in the week of Sep 24, 2026, compared with 6.95% the week before.
What to watch
The Federal Reserve publishes its meeting calendar and statements. The Investing.com Fed Rate Monitor shows how futures markets are pricing upcoming meetings. Neither predicts what will happen, and neither sets your mortgage rate. Your lender's quote does.
Talk to a lender. Rates, loan programs and approvals come from lenders, not from websites or real estate agents. Talk to your own mortgage broker, or use our preferred lender, Rodrigo Ballon with CrossCountry Mortgage, at 858-735-0255. You are always free to choose any lender you like, and you can verify any lender’s license at nmlsconsumeraccess.org.
Where these numbers come from
- Freddie Mac Primary Mortgage Market Survey for weekly average mortgage rates.
- FRED (St. Louis Fed) for the federal funds target range and the 10-year Treasury yield.
- Federal Reserve FOMC calendar for meeting dates and statements.
- Investing.com Fed Rate Monitor, which shows market expectations for upcoming meetings based on federal funds futures, and its Fed Interest Rate Decision calendar.
Data as of Sep 24, 2026. These pages describe the past and the present and make no predictions. Investing.com and the other sources are independent of Rudy Flores and Coldwell Banker West.
More on interest rates
- The 10-Year Treasury and Mortgage Rates: How They Move Together — Mortgage rates and the 10-year Treasury yield tend to rise and fall together. Here is the gap between them, year by year.
- Interest Rate, APR and Points: How to Read a Loan Estimate — Three numbers show up on every mortgage quote. Here is what each one means, with a worked example.
- What One Point of Interest Rate Means for Your Monthly Payment — A simple table of monthly principal and interest for common loan sizes, from 5% to 8%.
- Fixed Rate, Adjustable Rate and Buydowns: The Basics — How the main loan structures work, and what a temporary or permanent rate buydown means.
- Mortgage Rates Through the Decades: 1971 to Today — Freddie Mac's weekly survey goes back to 1971. Here are the average, the high and the low for every decade.
General information, not financial advice.