The 10-year Treasury yield

The yield on a ten-year Treasury note is the benchmark long-term interest rate in the United States, and the rate mortgage pricing tracks most closely.

It is not set by the Federal Reserve. It reflects what markets expect the short-term policy rate to average over the next decade, plus compensation for holding a long bond. This is why it can rise on the day of a rate cut: if the accompanying guidance implies fewer cuts ahead than had been priced, expectations move up even as the current rate moves down.