Last decision October 28, 2026
The Fed held the funds rate.
On October 28, 2026 the FOMC voted 10–2 to hold the federal funds target at 3.75%–4%. That is the overnight bank rate. It is not your mortgage. It is not your card APR. Those move through different pipes, on different clocks.
On a $320,000 30-year loan at this week’s survey rate
- Freddie Mac 30-year average, October 29, 20267.24%
- Same survey a week earlier7.32%
- Principal and interest now$2,181/mo
- Change versus last week’s survey rate−$17/mo
Illustration only, principal and interest, no taxes or insurance. Survey: Freddie Mac PMMS, week of October 29, 2026. Decision: FOMC statement, October 28, 2026.
What the decision means for repayments where you live: try the city tool (the 25 largest US metros). Long-run history: rate charts.
What we track
| Rate | Now | What it is |
|---|---|---|
| Federal funds target | 3.75%–4% | Overnight rate the Fed sets. Banks, not households, pay it. FOMC, October 28, 2026. |
| Interest on reserves | 3.90% | What the Fed pays banks on reserve balances. Fed implementation note, October 28, 2026. |
| 30-year fixed mortgage | 7.24% | National average for strong-credit purchase loans. Freddie Mac PMMS, week of October 29, 2026. |
| 15-year fixed mortgage | 6.60% | Same survey, shorter loan. A year ago: 5.41%. |
| Next scheduled FOMC | December 8–9, 2026 | Fed meeting calendar. We publish the same afternoon when we can. |
Calculators
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Mortgage payment
Principal and interest from loan amount, rate, and term.
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Refinance break-even
How many months of a lower payment it takes to recoup closing costs.
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Credit-card payoff
Months and interest if you pay a fixed amount at your statement APR.
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Extra on the mortgage vs. savings
Interest you stop paying the lender versus interest a savings account might pay.
Guides
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October 28, 2026: what the Fed’s hold means for household bills
Rates unchanged at 3.75–4%, with two votes for a hike. Your mortgage moves on its own clock.
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How the federal funds rate works
Overnight bank money. Not your mortgage. Not your card.
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How a Fed move hits mortgages
The 30-year is priced off longer Treasuries. It often moves before the vote.
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How a Fed move hits credit cards
Variable APRs usually follow prime, which usually follows the Fed.
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How to read an FOMC statement
A short document. A few lines actually change.
In Australia?
The Reserve Bank of Australia sets its own cash rate on its own calendar. Our Australia section tracks the RBA decision and what it does to a variable home loan, in Australian dollars.