Federal Reserve
Fed decision October 28: a hold is expected, with a December hike still on the table
· Enrique Pelayo Jr., NMLS #131435
The Fed raised its benchmark rate a quarter point in September. Most economists expect no change on October 28, but nearly all expect another increase in December.
The Federal Open Market Committee meets October 27 and 28, with the statement due at 2:00 p.m. Eastern on the 28th. The Fed raised its benchmark rate by a quarter point on September 16. In a Reuters poll taken October 16 to 20, 94 of 100 economists expected the Fed to hold this month. Every economist in that poll expected a hike at the December 8 and 9 meeting.
The Fed does not set mortgage rates. Fixed mortgage rates move with longer-term bond yields and with investor demand for mortgage-backed securities. But the Fed's outlook shapes those yields, so what the statement and press conference say about future hikes can matter more for mortgages than the decision itself.
A hold paired with a firm signal of a December hike could push yields up. A softer tone could give the recent rate dip some room. Either way, rate sheets can reprice the same afternoon.
Our rates today
Lender sheets as of Oct 22, 2:54 PM PT| Loan | Rate | APR | Since yesterday |
|---|---|---|---|
| 30-year fixed | 6.875% | 6.921% | unch. |
| 15-year fixed | 6.375% | 6.446% | unch. |
| 30-year FHA | 6.375% | 7.001% | unch. |
| 30-year VA | 6.490% | 6.654% | unch. |
| 30-year jumbo | 7.000% | 7.037% | unch. |
| 5-year ARM | 6.500% | 6.547% | unch. |
Purchase of a $750,000 primary home in King County with 20% down and a 760 credit score (jumbo: $1.8 million with 25% down; VA: eligible veteran, same price and down payment). Lowest rate with no points from today's wholesale lender sheets. Your rate depends on your credit, loan and property. Not a commitment to lend. Price your own scenario
Sources: Federal Reserve FOMC calendar; Reuters poll of economists, October 16 to 20, 2026; Bloomberg.
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General market commentary, not a rate quote or commitment to lend. Your rate and terms depend on your credit, loan amount, down payment, property and lender approval, and can change daily. This is a general market view, not advice on whether to lock your rate; talk to us before you lock. Mortgage Lending Group LLC, Company NMLS #1157983. Enrique Pelayo Jr., NMLS #131435. Equal Housing Opportunity.
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