The Federal Reserve is set to meet in just a few weeks on October 31 and November 1, and potential homebuyers may end up pretty spooked when all is said and done. Over the past 18 months, the Fed has made a series of interest rate hikes in an attempt to combat rising inflation. While the Fed does not directly control mortgage rates, when the Fed increases its benchmark rate, there is generally a corresponding increase to rates across the financial sector, including mortgage rates.
What will happen if the Fed doesn't change rates?While it seems very likely that the Fed will raise rates, there is a chance that it may choose not to this time around. The group didn't raise rates in September and could make that same decision again. If this happens, you'll likely see mortgage rates stay about the same for the next few months.