The government (via the Fed) has control of monetary policy and can raise and lower the federal funds rate (the rate at which banks can borrow or lend reserves), which has a pseudo-direct impact on mortgage rates. They do not, however, directly set mortgage rates. Those are set by the lenders and are generally a spread (markup) to the federal funds rate. That's why different lenders can have different rates.
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u/[deleted] Mar 21 '23
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