Interest rates move every business day, but most days the change is small

Interest rates did not move today because the Federal Reserve does not change its benchmark rate every day. The Fed meets eight times a year on set dates to decide whether to raise, lower, or hold its policy rate steady. Between those meetings, the rate stays the same.

What changed today were the rates that banks and lenders offer to you — savings account rates, CD rates, mortgage rates, and loan rates. These move constantly because they follow the bond market, which trades every weekday. A bank might have offered 4.50% on a one-year CD yesterday and 4.45% today, or vice versa, based on what happened in the Treasury market overnight and this morning.

The difference matters: the Fed's rate is a single number that influences everything else. The rates you see are what banks actually pay or charge, and they can shift by 0.05% or 0.25% or more in a single day without any Fed action.

Key Takeaways

  • The Federal Reserve's benchmark rate only changes at scheduled meetings eight times per year, so it almost certainly did not move today.
  • The rates banks offer on savings accounts, CDs, and mortgages change every business day based on bond market movement, independent of Fed action.
  • To know whether rates moved in your favor today, check your bank's current rate sheet or a rate-tracking site and compare it to yesterday's posted rates.
  • A 0.05% or 0.10% daily shift is normal and usually reflects broader market conditions, not news about the economy or inflation.

How the Fed rate and your rates are connected but separate

The Federal Reserve sets the federal funds rate, which is the interest rate banks charge each other for overnight loans. This rate influences everything downstream — mortgage rates, savings rates, CD rates — but it does not control them directly. Banks use the Fed rate as a reference point and then add their own margin based on competition, their costs, and how much risk they think they are taking.

When the Fed raises its rate, banks usually raise the rates they offer to savers and charge to borrowers within days or weeks. When the Fed cuts, banks typically follow. But the timing is not automatic, and the size of the move is not always the same. A bank might pass along a full 0.25% Fed cut to savers but only half of it to mortgage borrowers, depending on market conditions and what competitors are doing.

Why your bank's rates moved today even though the Fed did not meet

Banks watch the bond market constantly. When the yield on a 10-year Treasury bond rises, mortgage rates usually rise with it. When Treasury yields fall, mortgage rates tend to fall. This happens in real time, throughout the day, because banks are competing for your business and adjusting their posted rates to stay competitive.

The same logic applies to savings accounts and CDs. A bank that offered 4.75% on a one-year CD last week might lower it to 4.60% this week if bond yields have fallen and the bank is no longer under pressure to attract deposits. Or it might raise it to 4.90% if yields have climbed and the bank wants to pull in more savings.

These moves happen without any news or Fed action. They are the normal result of the bond market repricing based on economic data, inflation reports, employment numbers, or simply traders' changing expectations about where rates will be in the future.

What actually moved the markets today

To understand why your rates shifted, look at what economic data or news came out. The most common drivers are monthly jobs reports, inflation data (the Consumer Price Index), retail sales figures, and comments from Federal Reserve officials. If a jobs report came in stronger than expected, bond yields often rise and mortgage rates climb. If inflation data comes in cooler than forecast, yields often fall and rates drop.

On quiet days with no major releases, rates can still move based on international news, stock market performance, or traders' positioning ahead of an upcoming Fed meeting. A 0.05% move on a slow day is not unusual and does not signal anything about the economy — it is just normal market noise.

How to track whether rates actually moved in your favor

The most reliable way to see what happened is to compare your bank's posted rates today with yesterday's rates. Most banks publish their current rates on their website, and many rate-tracking sites (such as Bankrate, DepositAccounts, or your bank's own rate history) let you see the trend over time.

For mortgage rates, Freddie Mac publishes its Primary Mortgage Market Survey every Thursday, which is the most widely cited benchmark. For savings and CD rates, your own bank's website is the source of truth for what you can actually earn. National averages are useful for comparison, but your bank's rate is what matters for your money.

If you are shopping for a CD or considering moving savings, check the rate today and compare it to rates from a week or a month ago. A 0.10% difference might not sound like much, but on a $10,000 CD it means $10 per year in lost or gained interest.

When the Fed does meet and rates actually change

The Federal Reserve holds eight scheduled meetings per year, usually lasting two days. The dates are published a year in advance on the Federal Reserve's website. After each meeting, the Fed announces its decision at 2 p.m. Eastern time, and the Chair holds a press conference 30 minutes later.

On those days, markets move sharply. If the Fed raises its rate by 0.25%, mortgage rates often jump within hours. If the Fed cuts, rates typically fall. The move is not automatic — it depends on what the Fed said, what traders expected, and what economic data has come in since the last meeting — but the direction is usually clear.

Between meetings, the Fed does not change its rate, so any movement in your rates is coming from the bond market, not from the Fed. Knowing the difference helps you understand whether a rate move is temporary market noise or a signal that the Fed is likely to move at its next meeting.

Frequently Asked Questions

Did the Fed raise or lower rates today?

The Fed almost certainly did not, because it only meets eight times a year on scheduled dates. You can check the Federal Reserve's website to see when the next meeting is. If today is not a meeting day, the Fed rate did not change. Your bank's rates may have moved, but that is separate from the Fed.

Why did my CD rate go down when the Fed hasn't cut?

Banks lower CD rates when bond yields fall or when they have enough deposits and do not need to attract more. This happens constantly between Fed meetings. Your bank is responding to market conditions, not Fed action. Check whether Treasury yields fell today — if they did, lower CD rates are normal.

Should I lock in a rate today or wait?

That depends on your outlook and your timeline. If you need the money in a year and a CD rate looks reasonable to you compared to recent history, locking it in today removes the uncertainty. If you think rates might rise further, waiting could pay off — but there is no way to know for certain. Compare today's rate to rates from the past month to get a sense of the trend.

How do I know if a rate move is big or small?

A move of 0.05% to 0.10% in a single day is normal and usually not significant. A move of 0.25% or more in one day is larger and often signals that something important happened in the bond market or that traders are repositioning ahead of a Fed meeting. Check what economic data or news came out today to understand why.

When will the Fed meet next?

The Federal Reserve publishes its meeting calendar a year in advance on federalreserve.gov. The next meeting date is listed there along with the announcement time. Mark it on your calendar if you want to watch for rate changes — that is when your bank's rates are most likely to move significantly.