The Federal Reserve influences mortgage rates, but doesn’t set them. At its June 12, 2024, meeting, the central bank kept the federal funds rate unchanged and said that inflation “has eased over the past year but remains elevated.” It left the door open to interest rate cuts this year, which could deliver relief for mortgage rates.
Mortgage rates are influenced by many elements, including the inflation rate, the pace of job creation, and whether the economy is growing or shrinking. The Federal Reserve’s monetary policy is a factor, too, and is set by the Federal Open Market Committee.
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Min. down payment 3%Better offers 3% down payments on conventional loans.
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Min. down payment 3%NBKC offers conventional loans for as little as 3% down.
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Min. down payment 0%Veterans United offers VA loans for as little as 0% down.
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Min. down payment N/ANew American Funding works with down payment assistance programs in 14 states, including California, Texas, Florida and Illinois.
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What the Federal Reserve does
The Federal Reserve is the nation’s central bank. It guides the economy with the twin goals of encouraging job growth while keeping inflation under control.
The FOMC pursues those goals through monetary policy: managing the supply of money and the cost of credit. Its main monetary policy tool is the federal funds rate, which is the interest rate that banks charge one another for short-term loans. Although there’s no such thing as “federal mortgage rates,” the federal funds rate influences interest rates for longer-term loans, including mortgages.
The FOMC meets eight times a year, roughly every six weeks, to tweak monetary policy. The Federal Reserve has maintained the federal funds rate in a range of 5.25% to 5.5% since July 2023. Its next meeting is July 30-31, 2024. Investors in interest rate markets expect the Fed to leave rates alone at the July meeting.
The Federal Reserve, mortgage rates and inflation
Mortgage rates respond to many economic signals besides the federal funds rate. One major influence is inflation. The Fed’s goal is to maintain an inflation rate of around 2%. Inflation has been well above that for some time.
The consumer price index was unchanged in May, the Bureau of Labor Statistics announced June 12, to an annual rate of 3.3%. The core CPI, which excludes food and energy prices, was up 0.2% for the month and up 3.4% year-over-year.
These numbers are higher than the Fed wants, but demonstrate recent improvement. Progress on inflation stalled in the first quarter of 2024. As a result, investors pushed back their expectations for the timing of rate cuts. At the beginning of the year, they thought the first rate reduction would happen in spring. Now they think it’s mostly likely to happen in the fall.
The availability of jobs also influences monetary policy. When the economy is creating lots of jobs, it means the economy is growing — a situation that tends to push the inflation rate higher. The Fed responds by raising interest rates. When job creation slows down, or when many people lose their jobs, inflation tends to fall. The Fed responds by cutting interest rates.
Do mortgage rates follow Fed rates?
The Fed and the mortgage market move like dance partners: Sometimes the Fed leads, sometimes the mortgage market leads, and sometimes they dance on their own.
The federal funds rate and mortgage rates usually move in the same direction. But it’s sometimes hard to say whether mortgage rates follow the Fed’s actions or the other way around.
The FOMC prefers to give investors a heads-up whenever it plans to raise or cut short-term interest rates. Members of the committee advertise their intentions by sprinkling hints into their public speeches. By the time the committee meets, there’s usually a consensus among investors as to whether the Fed will cut rates, raise them or keep them unchanged.
As that consensus solidifies before an FOMC meeting, mortgage rates usually drift in the direction that the Fed is expected to move. Often, by the time of the meeting, mortgage rates already reflect the expected rate change.
At the same time, mortgage rates move up and down daily in reaction to the ebb and flow of the U.S. and global economies, which are the same developments that the Fed responds to.
Check your home affordability
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Federal funds rate and HELOCs
Although there’s merely an indirect link between mortgage rates and the federal funds rate, the Fed does have a direct influence on the rates charged on home equity lines of credit, which typically have adjustable rates.
Interest rates on HELOCs are linked to the Wall Street Journal prime rate, which is the base rate on corporate loans by the largest banks. The prime rate, in turn, moves with the federal funds rate. The prime rate is 8.5%.
Prime rate in the past year — low
Prime rate in the past year — high
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Min. down payment 3%NBKC offers conventional loans for as little as 3% down.
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Min. down payment N/ANew American Funding works with down payment assistance programs in 14 states, including California, Texas, Florida and Illinois.
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NerdWallet’s ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
4.5
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
Min. down payment 3%NBKC offers conventional loans for as little as 3% down.
4.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
4.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
4.5
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
4.5
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
Min. down payment 3%Better offers 3% down payments on conventional loans.
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
Min. down payment 3.5%First-time home buyers may qualify for 3% down mortgages at Rocket.
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
Min. down payment 3%Rocket Mortgage offers conventional mortgages with as little as 1% down.
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
Min. down payment 3%NBKC offers conventional loans for as little as 3% down.
4.5
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
4.5
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
Min. down payment 3%Better offers 3% down payments on conventional loans.
4.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
4.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
4.5
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
4.5
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
4.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
4.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
Min. down payment N/ANew American Funding works with down payment assistance programs in 14 states, including California, Texas, Florida and Illinois.
4.5
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
4.5
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
4.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
4.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
Min. down payment N/ANew American Funding works with down payment assistance programs in 14 states, including California, Texas, Florida and Illinois.
4.5
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
4.5
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.