gold, page-21332

"So the fed has nothing to do with mortgages "? Exactly.
"I am confused." Exactly.
Mortgages typically track the 10 Year T-Note, roughly, to repeat roughly. Take it from me, me I'm a US citizen, who held a mortgage.
The Note is now at 2.93%
Mortgages?

So, they (APR - Annual Percentage Rate) haven't yet caught up to recent Govt. paper yields, but as I said, twice, "roughly" - they're about 1.5% ahead now (above).
So once again, you are wrong.
As for the relationship between Fed Funds rate and US Paper, that's another discussion.