Federal Reserve Held Rates at 3.75%–4% on October 28, 2026
Figures and rules in this post are as of November 6, 2026, from the sources linked below. Check the source for any later update.
At its October 27–28, 2026 meeting, the Federal Open Market Committee kept the target range for the federal funds rate at 3-3/4 to 4 percent.
- The vote was 10–2.
- Lisa D. Cook and Beth M. Hammack dissented. Both preferred a 1/4 percentage point increase.
The federal funds rate and mortgage rates
The federal funds rate is the rate banks charge each other for overnight loans. The Fed does not set mortgage rates. Fixed mortgage rates tend to move more closely with longer-term bond yields, so they can move in either direction after a Fed decision. In the week after this meeting, Freddie Mac’s 30-year average was 7.18% (November 5, 2026).
Next meeting
The Fed’s published calendar lists the next FOMC meeting for December 8–9, 2026, with the statement released on December 9.
Sources
- Federal Reserve FOMC statement, October 28, 2026
- Federal Reserve meeting calendar
- Freddie Mac PMMS, November 5, 2026
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