Where to check if rates moved today
The Federal Reserve does not announce rate changes every day. It meets eight times a year on a fixed schedule, and rate decisions come only after those meetings end. You can find the exact meeting dates on the Federal Reserve's website under "Federal Open Market Committee" — the next meeting date is listed there, along with past decision dates.
On a non-meeting day, the answer is no, rates did not change. On a meeting day, the Fed releases its decision at 2 p.m. Eastern Time. Financial news sites like CNBC, Bloomberg, and Reuters publish the announcement immediately. Your bank or credit card company will not change your rates until days or weeks later, even if the Fed moved.
If you want to know whether your specific loan or savings account rate changed, call your lender or log into your account. The rate you pay is not always the same as the federal rate — it depends on your credit score, the loan type, and the lender's own pricing.
Key Takeaways
- The Federal Reserve meets eight times per year on a published schedule, and rate changes happen only on those meeting dates.
- The Fed announces its decision at 2 p.m. Eastern Time on meeting days, and you can find the announcement on the Federal Reserve's official website or major financial news outlets.
- Your bank or lender takes several days to weeks to change the rates they offer you, even after the Fed moves.
- The interest rate you pay on a loan or earn on savings depends on your credit, the product type, and your lender's pricing — not just the federal rate.
How the federal rate affects your money
When the Federal Reserve raises or lowers its benchmark rate, it influences what banks charge each other for overnight loans. This ripples outward to the rates banks offer you on mortgages, car loans, credit cards, and savings accounts — but not all at once, and not by the same amount.
A mortgage rate might move within days of a Fed decision. Credit card rates often follow within one or two billing cycles. Savings account rates can lag by weeks or move not at all, depending on how much competition your bank faces. Some lenders raise rates faster than they lower them, so a Fed cut does not always mean your loan gets cheaper right away.
Why your rate might not change even if the Fed moved
Your personal interest rate is set by your lender based on several factors beyond the federal rate. Your credit score is the biggest one — a higher score gets you a lower rate. The type of loan matters too: a 30-year fixed mortgage is priced differently than a 15-year one, and both are priced differently than a car loan.
Some loans have rates that are locked in and do not move with the Fed at all. A fixed-rate mortgage stays the same for the entire loan term, regardless of what the Fed does. Adjustable-rate mortgages and variable-rate credit cards do move with market rates, but they have adjustment dates built into the contract — they do not change instantly.
When the Fed actually meets and announces
The Federal Reserve's policy committee meets roughly every six weeks. The exact dates are published a year in advance on the Federal Reserve's website. You can also find them on financial news sites or set a calendar reminder.
On meeting days, the announcement comes at 2 p.m. Eastern Time. If you are watching for a rate change, that is the moment to check. After the announcement, the Fed chair holds a press conference at 2:30 p.m. Eastern Time, where reporters ask questions about the decision.
How to track rates between meetings
Between Fed meetings, market interest rates still move based on inflation data, employment reports, and investor expectations about what the Fed will do next. These moves do not come from the Fed itself — they come from traders and lenders adjusting their prices based on economic news.
If you are shopping for a mortgage or refinancing a loan, rates can shift day to day even when the Fed is not meeting. Your lender will quote you a rate that is good for a limited time, usually 24 to 48 hours. If you lock in a rate, it stays the same through closing, even if market rates move.
What to do if you want to act on a rate change
If the Fed just cut rates and you have a variable-rate loan or adjustable-rate mortgage, do not expect your payment to drop immediately. Call your lender and ask when the change takes effect. For credit cards, check your next statement or call the customer service number on the back of your card.
If you are thinking about refinancing a fixed-rate loan after a rate cut, get quotes from multiple lenders. Rates vary by lender even on the same day, and your credit score affects the rate you are offered. Refinancing has closing costs, so calculate whether the monthly savings justify the upfront expense.
Frequently Asked Questions
Does the Fed change rates every month?
No. The Federal Reserve meets eight times per year, roughly every six weeks. Rate changes happen only after a meeting, not monthly. You can find the full schedule on the Federal Reserve's website.
How long does it take for my loan rate to change after the Fed moves?
It depends on the loan type. Credit card rates often change within one or two billing cycles. Mortgages and home equity lines of credit may take days to weeks. Fixed-rate loans do not change at all — only variable-rate products move with the Fed.
If the Fed cuts rates, will my savings account earn more?
Not automatically. Banks set their own savings rates based on competition and their own costs. Some banks raise savings rates quickly after a Fed cut; others lag by weeks or do not move at all. Shop around if you want higher yields.
Can I lock in a rate before the Fed meets?
Yes. If you are refinancing a mortgage or taking out a loan, you can lock in a rate for a set period, usually 24 to 48 hours. The locked rate stays the same even if market rates move before closing.
Where do I find the Fed's meeting schedule?
The Federal Reserve publishes its meeting dates on federalreserve.gov under the "Federal Open Market Committee" section. Major financial news sites also list the dates. You can set a calendar reminder so you do not miss an announcement.