What actually drives mortgage rates—and why doesn't the Fed have as much control as people think? In this episode of The Personal Finance Project, Scott and Greg break down one of the most misunderstood topics in personal finance: how mortgage rates are really set. From the role of the 10-year Treasury to the impact of mortgage-backed securities, they unpack the mechanics behind your rate—and why it's stayed high even after recent Fed rate cuts. Whether you're a first-time homebuyer, a homeowner locked into a low rate, or just curious about why the real estate market feels so frozen, this episode offers clear, practical insight. They also explore the effects of inflation expectations, prepayment risk, quantitative easing, and the surprising link between Silicon Valley Bank and your mortgage. Key topics covered: Why mortgage rates don't follow Fed rate cuts The link between mortgage rates and the 10-year Treasury What mortgage-backed securities mean for borrowers Prepayment risk, convexity, and the hidden math behind rates What today's rates mean for refinancing and home buying Subscribe for weekly episodes and personal finance insights backed by decades of experience.

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