Mortgage and refinance interest rates today, Wednesday, September 16, 2026: Rates ease somewhat ahead of the Fed's rate decision

The Federal Reserve, led by Chair Kevin Warsh, unanimously voted to increase the federal funds rate to a range of 3.75 percent to 4 percent. This quarter-point hike marks the first rate increase in several years, implemented to combat stubborn inflation. The decision follows a two-day meeting in Washington and occurs despite potential opposition from President Donald Trump. Meanwhile, mortgage and refinance interest rates eased slightly prior to the FOMC announcement regarding this monetary policy shift.