The Federal Reserve wrapped up its April 29th meeting with a decision that surprised no one — and yet carries real implications for anyone buying, selling, or refinancing a home in Scottsdale right now.

Rates are on hold. Again.

The FOMC voted to keep the federal funds rate at 3.5%–3.75%, marking the third consecutive meeting without a change. Markets had priced in a 100% chance of no movement, and the Fed delivered exactly that. But beneath the surface, this meeting was anything but routine.

What Actually Happened at the April Fed Meeting

The vote was 8-4 — the most dissenting voices at the Fed since October 1992. One member wanted an immediate rate cut. Three others voted to hold rates but pushed back against any language suggesting future cuts are coming. That kind of internal disagreement tells us something important: nobody at the Fed is confident about what comes next.

The Fed’s own statement pointed to elevated inflation driven partly by rising global energy prices, ongoing uncertainty from the conflict in the Middle East, and a softening — but not broken — job market. With oil pushing past $100 a barrel, the Fed’s hands are tied. Cutting rates while inflation is rising would be the wrong move, and they know it.

Markets are now pricing in zero rate changes for the rest of 2026 — and possibly into 2027.

What This Means for Scottsdale Mortgage Rates

The federal funds rate doesn’t directly set mortgage rates, but it absolutely influences them. With the Fed on pause and inflation still elevated, mortgage rates are likely to stay in their current range for the foreseeable future.

If you’ve been sitting on the sidelines waiting for rates to drop before buying or refinancing, this is an important reality check. The window for significantly lower rates isn’t open right now — and waiting may cost you more than acting.

There’s Also a Leadership Change Coming

Jerome Powell is stepping down as Fed Chair, and Kevin Warsh has been nominated as his replacement. Leadership transitions at the Fed can shift communication style and policy tone, adding another layer of uncertainty heading into late 2026.

What that means practically: more volatility in rate expectations, more market noise, and potentially more confusion for borrowers trying to time their next move.

What Smart Scottsdale Buyers and Homeowners Are Doing Right Now

In a hold-rate environment, strategy matters more than timing. Here’s what I’m telling my clients:

If you’re buying: Don’t wait for a rate drop that may not come in 2026. Focus on loan structure, down payment strategy, and locking in at the right time. A well-structured loan at today’s rates beats an unstructured one at a slightly lower rate.

If you’re refinancing: Run the numbers now. If your current rate is significantly higher than today’s market, a refinance still makes sense regardless of what the Fed does next.

If you’re a homeowner 62+: A reverse mortgage is not tied to rate movement in the same way traditional mortgages are. If you’ve been exploring this option, the Fed holding rates actually creates a relatively stable window to act.

If you’re trying to buy before selling: The Buy Before You Sell strategy becomes even more valuable in a flat-rate environment. It removes contingency pressure and lets you move on your timeline — not the market’s.

The Bottom Line

The Fed held. Rates held. And that’s the environment we’re working in. The Scottsdale market isn’t waiting — and neither should you.

If you want to talk through what this means for your specific situation, I’m here. No pressure, no sales pitch — just a straightforward conversation about your options.

📞 Scottsdale: (480) 442-7487 🌐 markmerry.com NMLS #452552

About the Author

Mark Merry is a licensed mortgage advisor at Granite Bank (NMLS #452552) with more than 30 years of experience in home financing. He serves buyers and homeowners in Scottsdale, AZ and the Twin Cities, MN — and is licensed in all 50 states. Learn more about Mark →