The US Federal Reserve held its benchmark interest rate at 3.75%–4.00% on 28 October 2026, voting 10–2. The two dissenters wanted a quarter-point rise instead.

What the Fed said

  • Inflation “remains elevated”, according to the Fed’s statement
  • The next rate decision comes at the Fed’s meeting on 8–9 December 2026
  • The Fed rate does not set mortgage rates directly — 30-year mortgages track the 10-year Treasury yield

What it means for borrowers

  • The 30-year fixed mortgage averaged 7.24% in Freddie Mac’s weekly survey on 29 October, and the Mortgage News Daily index showed 7.25% on 4 November
  • The prime rate — the base for many credit cards and loans — is about 7.00%
  • If you are planning a home purchase or a refinance, mortgage rates near 7.25% mean monthly payments stay high; compare offers from several lenders before you lock in

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