Instant Reaction: Fed Funds Rate, November 2, 2022

Even with the Federal Reserve raising its short-term fed funds rate by another large amount, longer-term interest rates look to move only slightly. The mortgage market has already priced in the latest Fed move. 

Still, mortgage rates are near 20-year highs, and that hurts homebuyers. Once inflation is contained, mortgage rates will start to drift lower. It may be another year or two before that happens.