Interest rates move on a schedule, not randomly throughout the day

Interest rates do not change every day. The Federal Reserve, which sets the baseline rate that banks use, meets roughly every six weeks and announces any change after the meeting ends. That announcement happens once per meeting, not daily. If you heard rates moved today, it was either a Fed announcement day, or the change you noticed was in the specific rate your bank or lender offers—which can shift without the Fed doing anything.

Banks and lenders adjust their own rates (mortgage rates, savings account rates, credit card rates) based on market conditions, competition, and their own costs. These can move any business day, but they move in response to expectations about what the Fed will do, not because the Fed acted that day. The confusion usually comes from mixing up the Fed's rate with the rates you actually see when you shop for a loan or open a savings account.

Key Takeaways

  • The Federal Reserve announces rate changes only after scheduled meetings, roughly every six weeks, not daily.
  • Your bank's mortgage rate, savings rate, or credit card rate can change any business day based on market conditions and bank decisions, separate from Fed announcements.
  • You can check the Fed's meeting schedule on federalreserve.gov to know when the next announcement is coming.
  • Comparing rates across multiple lenders on the same day shows you what the market is actually offering, since rates vary by lender even when the Fed rate stays the same.

How to find out what the Fed actually did today

Go to federalreserve.gov and look for the "Monetary Policy" section. The Fed publishes a statement after each meeting that says whether the rate stayed the same, went up, or went down. If today is not a meeting day, the rate did not change. The Fed's meeting calendar is public—you can see the dates months in advance, so you know when to expect news.

If you want to know what rate the Fed is currently targeting, search for "federal funds rate" on that same site. The page will show you the current target range (for example, 4.25% to 4.50%) and when it was last changed. This is the rate banks charge each other for overnight loans; it is the foundation that influences everything else, but it is not the rate you pay on a mortgage or earn on savings.

Why your bank's rates might have changed even if the Fed did nothing

Banks set their own rates based on what they think will happen next, what other banks are charging, and how much money they need to borrow or lend. If investors start expecting the Fed to cut rates in the future, banks may lower their mortgage rates today to attract borrowers. If banks need more deposits, they may raise savings account rates. None of this requires the Fed to have moved.

You will see this most clearly with mortgage rates. Mortgage rates track the 10-year Treasury bond yield more closely than they track the Fed's rate. That yield changes every trading day based on bond market activity. So your mortgage rate can drop or rise on a day when the Fed did absolutely nothing, because the bond market moved.

How to check what rates your bank or lender is offering right now

Call or visit your bank's website and ask for the current rate on the product you care about—a mortgage, a savings account, a CD, a credit card. Rates vary by lender, by your credit score, by the loan term, and by how much you are borrowing. A rate you see advertised online may not be the rate you get approved for. The only way to know what you may have access to for is to ask.

If you are shopping for a mortgage, get quotes from at least three lenders on the same day. Rates shift constantly, and comparing on the same day shows you the real market. If you are looking at savings rates, check your current bank and at least two others—online banks often pay more than brick-and-mortar branches.

When the Fed meets and announces changes

The Federal Reserve holds eight regular meetings per year. The dates are published a year in advance on federalreserve.gov. Each meeting lasts two days, and the announcement comes at 2 p.m. Eastern time on the second day. Major financial news outlets (Reuters, Bloomberg, CNBC, the Wall Street Journal) cover the announcement immediately, so if something changed, you will see it in headlines within minutes.

Between meetings, the Fed can act in emergencies, but this is rare and would be major news. For practical purposes, if there is no scheduled meeting today, the Fed rate did not change today.

What happens to your existing loans and accounts when rates change

If you have a fixed-rate mortgage or a fixed-rate loan, your rate does not change when the Fed moves. You locked in your rate when you signed the papers, and it stays that way for the life of the loan. Rate changes affect new borrowers and people refinancing.

If you have a variable-rate loan or an adjustable-rate mortgage (ARM), your rate is tied to an index that moves with market conditions or the Fed's rate. Your lender will adjust your rate on a schedule spelled out in your contract—usually once a year or once every few years. The adjustment does not happen automatically the day the Fed moves; it happens on the date your contract specifies.

Savings accounts and money market accounts at banks often have variable rates that can change any day. Credit card rates are also variable and can change, though card issuers must give you notice before raising your rate.

How to stay informed without checking every day

Mark the Fed's meeting dates on your calendar if you want to know when announcements are coming. You do not need to check daily—nothing happens between meetings unless there is an emergency. If you are shopping for a loan or opening a savings account, check rates the day you are ready to act, not weeks in advance, because rates will have moved by then.

If you have a variable-rate product, read your contract to understand when and how your rate adjusts. That matters more than knowing what the Fed did today. Your lender will notify you of changes before they take effect.

Frequently Asked Questions

Did the Fed cut rates today?

Only if today is a scheduled Fed meeting day and the announcement has already been released. Check federalreserve.gov or major financial news sites to confirm. If today is not a meeting day, the Fed did not act.

Why did my mortgage rate change if the Fed didn't do anything?

Mortgage rates follow the 10-year Treasury bond yield, which moves every trading day based on bond market activity. The Fed's rate and the mortgage rate are connected but separate. Your lender may also adjust rates based on their own costs and competition.

Will my credit card rate go down if the Fed cuts rates?

Credit card rates are variable and can move, but they are not required to drop when the Fed cuts. Card issuers set their own rates. Some may lower rates to stay competitive; others may not. Check your card's terms or call your issuer to ask.

How often do interest rates change?

The Fed's rate changes roughly every six weeks when they meet, though they may hold steady for months or move multiple times in a year depending on economic conditions. Bank-specific rates can change any business day. Your personal rate on a fixed loan does not change after you lock it in.

Where can I see the Fed's next meeting date?

The Federal Reserve publishes its meeting calendar on federalreserve.gov under "Monetary Policy." You can see all scheduled meetings for the year, so you know when announcements are coming.