Whether you’re buying a house or hoping to refinance, it pays to know how the Federal Reserve affects mortgage rates. Even a basic understanding helps you plan a smarter budget.

At the very least, it boosts your chances in the current events round at pub trivia.

The Fed meets next on Oct. 28-29 and is widely expected to reduce the federal funds rate by 25 basis points. (A basis point is one one-hundredth of a percentage point, so 25 basis points is 0.25 percentage point.)

But just in time for spooky season, the vibe is a little unsettling. Even if the Fed summons rate relief, the ghost of inflation lingers in the shadows — and no one wants a jump scare.

Here’s what the Fed’s next move means for your mortgage.

I need the basics. Does the Fed set mortgage rates?

No, the Federal Reserv

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