"So the fed has nothing to do with mortgages "? Exactly. "I am...

"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.