The Fed raised rates. First hike in three years. Your mortgage is not getting cheaper.

On 16 September the Federal Reserve raised its target rate by a quarter point to 3.50%–3.75%, the first increase since July 2023. Inflation is running at 3.4% and oil is above $100. The 10-year Treasury yields 5.00% and the average 30-year mortgage is 6.76%. Stocks slipped on the day.

in plain EnglishThe Federal Reserve sets the interest rate that every other rate in America follows. Yesterday it raised that rate for the first time in three years, by a quarter of a percentage point, because prices are still rising at 3.4% a year and oil costs more than $100 a barrel. Higher rates make borrowing dearer: the 10-year government bond now pays 5%, and a 30-year mortgage costs about 6.8%. That is why a rate rise matters to you even if you never buy a share.

Reported Thursday 17 September 2026 · every number dated to its source, latest 16 September 2026

1 · evidence every number, with its source and its date

3.50%–3.75% · raised a quarter point on 16 Sept

Fed target rate

news on the tape, 16 Sept · 2026-09-16

July 2023 · three years ago

Last hike before this

news on the tape, 16 Sept · 2026-09-16

3.4% year on year, August

Inflation (CPI)

FRED CPIAUCSL on the tape · 2026-08-01

5.00%

10-year Treasury yield

FRED DGS10 on the tape · 2026-09-15

6.76% · week of 10 Sept

30-year mortgage rate

FRED MORTGAGE30US on the tape · 2026-09-10

−0.43% (SPY) · homebuilders −0.95% · regional banks −1.77%

S&P 500 on the day

regular-session closes · the AirPort tape · 2026-09-16

S&P 500 (SPY)+10.4% since 2026-01-02

open $683 2026-01-02now $754 2026-09-16from the high -3.0%177 trading days · regular-session closes from the AirPort tape

Long Treasuries (TLT)-7.1% since 2026-01-02

open $87.06 2026-01-02now $80.89 2026-09-16from the high -10.9%177 trading days · regular-session closes from the AirPort tape

Homebuilders (XHB)-7.4% since 2026-01-02

open $105 2026-01-02now $96.82 2026-09-16from the high -20.2%177 trading days · regular-session closes from the AirPort tape

2 · relations who this touches

S&P 500 (SPY)Long Treasuries (TLT)Homebuilders (XHB)

3 · history · 4 · analogues · 5 · ask Pro

AirPort has been watching this since before it was news. The trail, the last times this shape happened, and Ask, scoped to this story.GO DEEPER