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The Fed Held Rates, but Two Officials Wanted a Hike

The Fed kept the federal funds rate at 3.75%–4.00% on Oct. 28 in a 10–2 vote. Here is what it means for mortgage rates and buyers.

Rise Estate Insights · 1 min read
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10–2Vote to hold ratesFederal Reserve FOMC statement, Oct. 28, 2026

The Fed held rates on Oct. 28. But 2 of the 12 voters wanted to raise them.

  • Federal funds rate: 3.75%–4.00% (unchanged)
  • Vote: 10–2. Governor Lisa Cook and Cleveland Fed President Beth Hammack wanted a quarter-point hike.
  • It follows September's hike, the Fed's first since 2023.
  • Futures markets price about 85% odds of a December hike (CME FedWatch, Oct. 28).

Does this move mortgage rates?

Not directly. 30-year rates follow the bond market and inflation. But a Fed leaning toward hikes tends to keep them elevated, and HELOC and credit card rates feel it first.

Buyers: plan for rate volatility into December, and get pre-approved now.

Sources

  • Federal Reserve FOMC statement, Oct. 28, 2026
  • CME FedWatch via Real Estate News
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