What the Fed does — and what it does not set
Fed & policy
as of 2026-09-16
At its September 15–16, 2026 meeting, the Federal Open Market Committee (FOMC) raised the federal funds target range by 0.25 percentage points to 3.75–4.00% on a 12–0 vote. That overnight policy rate is not your mortgage rate. This desk records the decision and the next meeting so you can follow the news without confusing it with a personal quote.
- Fed funds targetfact
- 3.75–4.00%[1]
- Next FOMC meetingfact
- Oct 27–28[2]
- Federal funds ratefact
- Not your mortgage[3]
Raised 0.25 at the September 15–16, 2026 FOMC meeting (12–0 vote). The Fed sets this short-term overnight policy range — not your 30-year mortgage.
Next scheduled meeting October 27–28, 2026; press conference October 28. Do not treat forecasts as the decision — wait for the statement.
The overnight rate banks charge each other. The FOMC sets a target range for it — useful context for headlines, not a personal quote or lock decision.
When people say “the Fed hiked rates” or “the Fed held,” they usually mean the federal funds target — that same overnight policy rate banks charge each other. Mortgage rates are set in a different market: they move with longer-term bond yields, investor demand for mortgage-backed securities, lender competition, and your own credit profile. The Fed can influence the mood; it does not publish your annual percentage rate (APR).
That is why this desk sits next to the mortgage-rates desk instead of replacing it. A FOMC hike or cut can shift how lenders and markets talk about affordability for a few days. Your payment still depends on the quote you lock with a lender, not on the headline from the press conference.
On September 16, 2026, the committee raised the target range by a quarter point to 3.75–4.00% with a unanimous 12–0 vote. That is a clear overnight-policy fact. It is still not a Tampa (or any city) mortgage quote — and Freddie Mac’s national PMMS average can move for reasons beyond a single Fed meeting.
For first-time buyers, the practical habit is simple: skim the FOMC calendar so Fed week does not surprise you mid-offer, then keep shopping lenders on fixed assumptions. Educational only — we do not forecast Fed decisions or recommend locking or floating a rate.
What to watch
- October 27–28, 2026 FOMC meeting (press conference October 28) — the next scheduled decision that can refresh the overnight target range.
- How mortgage-rate headlines react in the days after Fed statements — sentiment can move even when your personal quote does not.
- Keep Fed news separate from your written lender quotes so you do not plan a payment on a press-conference number.