Last decision September 16, 2026
The Fed raised the funds rate by a quarter point.
On September 16, 2026 the FOMC voted 12–0 to lift the federal funds target to 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, September 17, 20266.95%
- Same survey a week earlier6.76%
- Principal and interest now$2,118/mo
- Change versus last week’s survey rate+$41/mo
Illustration only, principal and interest, no taxes or insurance. Survey: Freddie Mac PMMS, week of September 17, 2026. Decision: FOMC statement, September 16, 2026.
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, September 16, 2026. |
| Interest on reserves | 3.90% | What the Fed pays banks on reserve balances. Fed implementation note, September 16, 2026. |
| 30-year fixed mortgage | 6.95% | National average for strong-credit purchase loans. Freddie Mac PMMS, week of September 17, 2026. |
| 15-year fixed mortgage | 6.26% | Same survey, shorter loan. A year ago: 5.41%. |
| Next scheduled FOMC | October 27–28, 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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September 16, 2026: what the hike did to household bills
The first funds-rate increase since 2023, translated onto a $320,000 loan.
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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.