What the Feds did this week

The Federal Reserve raised interest rates on Wednesday.

First time since 2023. Unanimous. Twelve to zero.

And if you were waiting for the part where they hint that this is a one-time thing and relief is coming — that part didn’t happen. Sixteen of the eighteen officials on that committee think there’s another hike coming this year. The projections run through 2027.

So let’s say it plainly, because you’re not going to hear it said plainly anywhere else this week: clearer skies are not ahead.

Builders knew this. Now you do too.

 

Did the Fed Raise Interest Rates in September 2026?

Yes. On September 16th, the Federal Open Market Committee voted unanimously to raise the federal funds rate by a quarter point, to a target range of 3.75% to 4%. It was the first increase since 2023, and the committee pointed to inflation that remains elevated — driven in part by energy prices.

The vote itself was expected. The forward projections were the real headline. A strong majority of officials expect at least one more increase before the year is out, with year-end projections landing between 4.1% and 4.4%.

Translation: this was not a one-off correction. It’s a direction.

 

Does a Fed Rate Hike Raise Mortgage Rates?

Not directly, and this gets mangled every single time.

The Fed does not set your mortgage rate. Nobody at that table voted on what you’ll pay for a thirty-year fixed. Mortgage rates track the bond market — specifically the ten-year Treasury — and they move on inflation expectations, not on Fed announcements.

But mortgage rates had already read the room. The daily rate index crossed back above 7% on September 10th, six days before the meeting. The bond market saw it coming.

What Wednesday did was remove the excuse. Every buyer waiting for rates to come down is now waiting for something the Fed has openly said isn’t on the schedule.

 

What Is Happening in the Las Vegas Housing Market Right Now?

Las Vegas isn’t falling apart. Let’s not do that.

The August numbers from Las Vegas REALTORS®: the median price for existing single-family homes came in at $475,000. That’s down 1% from a year ago, and off the all-time high of $490,000 set in May and June. Not a crash. Flat, with a soft edge.

Here’s the number that actually tells the story. At the end of August there were 7,590 single-family homes sitting on the market with no offer at all — up 5.3% from the same point last year.

And in one week in early September, homes going under contract in the valley dropped from 686 to 549. A twenty percent decline. In seven days.

More houses. Fewer buyers. Higher cost of money.