No. The Fed sets an overnight bank rate. Your mortgage is priced off the 10 year Treasury, which explains 98% of weekly rate moves. Here is what the September 2026 hike actually did. Pillar Mortgage Group, NMLS #2700076
The 30 year fixed averaged 6.66% while the 10 year Treasury sat at 4.74%, a spread of 192 basis points against a long run average near 1.7 to 1.8. Here is what that gap costs Phoenix and Scottsdale buyers. Pillar Mortgage Group, NMLS #2700076.
Arizona mortgage rates 2026: the 30 year fixed averaged 7.32% and the 15 year fixed 6.68% in Freddie Mac's October 22 survey. Pillar Mortgage Group
Straight answers on buying, refinancing, and selling a home in Scottsdale, Phoenix, and across Arizona, from Blake Hermann, Director of Lending at Pillar Mortgage Group (NMLS #2271358).