On January 28, CNBC reported that the Federal Reserve left its benchmark rate unchanged at the first policy decision of the year. That followed 75 basis points of cuts in September, October, and December 2025.
A hold does not freeze household or business borrowing costs. Credit cards, auto loans, and many commercial facilities still reprice off prime and market yields. Mortgage rates had already started the year lower than a year earlier — around 6.15% on a 30-year fixed, versus more than 7% in early 2025 — but they were not falling just because the Fed sat still.
What it meant then — and still means
January was the first signal that 2026 would be a “wait and see” year, not a repeat of the late-2025 cutting cycle. If you were shopping a purchase, refinance, equipment loan, or line of credit, the right move was to price the payment you could live with at then-current rates, not at a hoped-for spring cut.
Sources: CNBC (Jan. 28, 2026); Federal Reserve FOMC.