On Wednesday, Oct. 28, the Federal Reserve announced that central bankers would leave the federal funds rate unchanged. Since this was in line with market expectations, mortgage rates shouldn’t have much of a reaction — yet.

The average rate on a 30-year fixed-rate mortgage slid 10 basis points to 7.17% APR in the week ending Oct. 28, according to rates provided to NerdWallet by Zillow. (A basis point is one one-hundredth of a percentage point.) We calculate our weekly average using daily APRs recorded over the past five business days.

We expected this outcome

Central bankers have twin goals when setting monetary policy: Getting inflation as close to 2% as possible, and maintaining maximum employment. When inflation gets too high, the Fed can raise the federal funds rate , which causes consumer borrowing rates (like mortgage rates) to rise as well.…