Why didn't mortgage rates fall after the Federal Reserve rate cut?

We've seen it before, but it’s still jarring. The Federal Reserve lowers short-term interest rates, and mortgage rates inexplicably increase. It happened last September and again with the first Fed cut of 2025 last week. So, what's going on? What happens when the Fed lowers interest rates First of all, the Federal Reserve and mortgage rates are working on two ends of a timeline. The Fed steers short-term interest rates, and mortgage rates are influenced by long-term bonds. When the Fed cuts its federal ...