Interest rates change almost every trading day, but the size of the move depends on which rate you're watching

The federal funds rate—the rate the Federal Reserve sets for banks to lend to each other overnight—moves only when the Federal Reserve's policy committee meets, which happens roughly every six weeks. On most days, it does not change at all. When it does move, the Fed announces the change during market hours, and the news spreads instantly.

Mortgage rates, savings account rates, and credit card rates move almost every day, even when the Fed does nothing. They follow the bond market, which prices in expectations about future Fed moves, inflation, and economic growth. A single day's move in mortgage rates might be 0.05% up or 0.10% down—small numbers that add up to real money over a 30-year loan.

If you arrived here looking for today's specific number, you need to check the source directly: Freddie Mac publishes mortgage rates each Thursday morning, the Fed's website shows the current federal funds rate target, and your bank's website shows what they're paying on savings accounts right now. No article can tell you what happened in the last hour.

Key Takeaways

  • The federal funds rate only changes when the Federal Reserve meets, roughly every six weeks, and the Fed announces the change publicly.
  • Mortgage rates, savings rates, and credit card rates move almost daily based on bond market prices, not Fed announcements.
  • A 0.05% move in mortgage rates costs or saves you roughly $25 per month on a $300,000 loan, so daily moves matter over time.
  • Checking your bank's website or Freddie Mac's Thursday report gives you the actual current rate; news articles report yesterday's closing prices.

Why the federal funds rate and market rates move on different schedules

The federal funds rate is a target, not a market price. The Federal Reserve's policy committee votes to raise, lower, or hold the rate steady. Between meetings, the rate does not officially change. The Fed's next scheduled meeting dates are published a year in advance on its website, so you can see exactly when a move is possible.

Everything else—30-year mortgage rates, 5-year CD rates, savings account APYs—trades in the open market. Bond traders, investors, and banks buy and sell based on what they think will happen next. When inflation data comes out hotter than expected, bond prices fall and mortgage rates rise the same day. When a jobs report disappoints, the opposite happens. These moves happen in minutes, not weeks.

This is why your mortgage rate quote is good for only 24 to 48 hours. The lender locks in a price based on what bonds cost at that moment. By tomorrow, bonds may have moved, and the lender's cost has changed.

How to find today's actual rates instead of yesterday's news

For mortgage rates, Freddie Mac publishes the Primary Mortgage Market Survey each Thursday at 10 a.m. ET. This is the benchmark most lenders reference. You can find it on Freddie Mac's website under "Research and Insights." The survey covers 30-year fixed, 15-year fixed, and 5/1 adjustable rates, plus the average points paid.

For the federal funds rate, go to the Federal Reserve's website and look for "Monetary Policy" or "Federal Funds Rate." The page shows the current target range and the date of the last change. If you want to know when the next move might happen, the Fed publishes its meeting calendar and economic projections four times a year.

For savings account rates and CD rates, your own bank's website is the source of truth for what you can actually earn. Comparison sites like Bankrate and DepositAccounts update rates multiple times daily, but they show what banks are offering, not what you have locked in. If you already have an account, log in to see your rate.

For credit card APRs, your card issuer's website or your statement shows your current rate. Credit card rates are tied to the prime rate, which moves in lockstep with the federal funds rate. When the Fed raises rates by 0.25%, your card's APR typically rises by 0.25% within one to two billing cycles.

What a 0.25% move actually costs you

A single 0.25% change sounds small, but it compounds over years. On a $300,000 mortgage at 7%, your monthly payment is roughly $1,996. At 7.25%, it jumps to $2,047—an extra $51 per month, or $612 per year. Over 30 years, that is $18,360 more in total payments.

On the savings side, a 0.25% drop in a high-yield savings account earning 4.5% means you earn $75 less per year on a $10,000 balance. That does not sound like much until you realize it compounds: over five years, the difference between 4.5% and 4.25% is roughly $380 in lost earnings.

This is why timing matters for big decisions. If you are shopping for a mortgage, locking in a rate when it dips even 0.10% can save thousands. If you are moving money into savings, waiting for a rate bump before moving large sums can add real dollars to your return.

The difference between the rate the Fed sets and the rate you actually get

When news says "the Fed raised rates," it means the federal funds rate—the overnight lending rate between banks. Your bank does not charge you the federal funds rate. Instead, banks use it as a reference point and add their own margin on top.

A savings account at a big bank might pay 0.01% when the federal funds rate is 5.25%, because the bank keeps most of the spread. A high-yield savings account at an online bank might pay 4.5% for the same federal funds rate, because online banks have lower overhead and compete on rate. Both are responding to the same Fed rate, but their customers see very different numbers.

Credit card issuers add a margin to the prime rate (which is the federal funds rate plus 3%). If the prime rate is 8.25% and your card's margin is 15%, your APR is 23.25%. When the Fed cuts rates, your APR falls by the same amount—but the bank's margin stays the same.

When to pay attention to rate moves and when to ignore the noise

If you are shopping for a mortgage or refinancing, watch rates daily and lock in when you see a dip. Rates move fast enough that a 0.10% difference between Monday and Wednesday is real money. Set a rate alert on your lender's website or check Freddie Mac's Thursday report.

If you already have a fixed-rate mortgage or a locked CD, daily rate moves do not affect you. Your rate is set. Watching the market will only create anxiety. The only reason to pay attention is if you are considering a refinance, in which case you should wait for a clear downtrend, not a single good day.

If you have a variable-rate product—an adjustable mortgage, a credit card, or a money market account—rate moves do affect you eventually. But they affect you on the adjustment date, not the day the Fed announces. Read your account terms to see when your rate resets. For most credit cards, it is one to two billing cycles after a Fed move.

If you are saving for a goal more than a year away, the direction of rates matters more than today's number. A series of Fed rate cuts over six months will eventually push savings rates down. A series of hikes will push them up. Chasing the daily move is a waste of time.

How to set up alerts so you do not have to check constantly

Most mortgage lenders let you set a rate alert on their website. You enter the loan amount, term, and the rate you want to be notified about. When rates hit that level, you get an email. This is free and takes two minutes to set up.

For the federal funds rate, the Fed's website has an email subscription option. You can sign up to receive notifications when the policy committee makes a decision. This is the only way to know instantly when an official move happens.

For savings rates, Bankrate and DepositAccounts both allow you to track specific accounts and get alerts when rates change. These are useful if you are comparing accounts across multiple banks and want to know when one pulls ahead of another.

For credit card APR changes, your card issuer is required to notify you by mail or email at least 45 days before a rate increase takes effect. You do not need to set up an alert—the bank will tell you. If you want to know the moment the prime rate changes, the Wall Street Journal publishes it daily on its website.

Frequently Asked Questions

Did the Fed raise or lower rates today?

The Fed only meets roughly every six weeks, so most days the federal funds rate does not change. Check the Federal Reserve's website to see the current target range and the date of the last change. If you want to know when the next meeting is, the Fed publishes its calendar a year in advance.

Why did my mortgage rate go up when the Fed did not change rates?

Mortgage rates follow the bond market, not the Fed directly. Bonds move based on inflation data, jobs reports, and what traders expect the Fed to do in the future. A single day's economic news can move mortgage rates 0.10% or more, even if the Fed does nothing.

Should I lock in my mortgage rate now or wait?

If you are ready to buy or refinance and rates are near recent lows, locking in protects you from further increases. If rates are near recent highs and you can afford to wait, watching for a dip makes sense. Most lenders let you lock for 30 to 60 days, so you have time to shop without committing immediately.

How often do credit card rates change?

Credit card APRs are tied to the prime rate, which moves when the Fed moves. When the Fed raises rates by 0.25%, your card's APR typically rises by 0.25% within one to two billing cycles. The bank must notify you at least 45 days before the increase takes effect.

Will my savings account rate go down if the Fed cuts rates?

Yes, usually within weeks. Banks lower savings rates quickly when the Fed cuts, because their own borrowing costs fall. If you have money in a high-yield savings account and expect rate cuts, moving it to a CD that locks in the current rate can protect your earnings.