Story perspectives

Fed Cut Unlikely; Mortgage Rates Jump, Refinances Up 5%

4/23/2026

Summary

Story summary

CME FedWatch shows 1% chance Federal Reserve (Fed) will cut rates at its April 28-29 meeting, leaving federal funds rate unchanged.
Oil prices from the Iran-U.S. conflict lifted inflation to 3.3% and pushed 30-year mortgage rate to 6.12% on April 22, 2026.
The Mortgage Bankers Association reports refinance applications rose 5% week-over-week while purchase applications fell 1%.
Freddie Mac chief economist Sam Khater advises shoppers to compare lenders, noting they could save $600-$1,200 annually.

History

Historical Context

The Federal Reserve slashed interest rates to near-zero in December 2008, responding to the financial crisis that peaked that year, with unemployment reaching 10% and housing prices dropping by 30%. This unprecedented move aimed to stimulate the economy and has influenced monetary policy ever since, as the Fed now grapples with inflation pressures and geopolitical tensions affecting financial markets.

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Story summary

CME FedWatch shows 1% chance Federal Reserve (Fed) will cut rates at its April 28-29 meeting, leaving federal funds rate unchanged.
Oil prices from the Iran-U.S. conflict lifted inflation to 3.3% and pushed 30-year mortgage rate to 6.12% on April 22, 2026.
The Mortgage Bankers Association reports refinance applications rose 5% week-over-week while purchase applications fell 1%.
Freddie Mac chief economist Sam Khater advises shoppers to compare lenders, noting they could save $600-$1,200 annually.

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