Interaction/reaction assays have led to significant scientific discoveries in the biochemical, medical, and chemical disciplines. Several fundamental driving forces form the basis of intermolecular and intramolecular interactions in chemical and biochemical systems (London dispersion, hydrogen bonding, hydrophobic, and electrostatic), and in the past three decades the sophistication and power of techniques to interrogate these processes has developed at an unprecedented rate. In particular, label-free methods have flourished, such as NMR, mass spectrometry (MS), surface plasmon resonance (SPR), biolayer interferometry (BLI), and backscattering interferometry (BSI), which can facilitate assays without altering the participating components. The shortcoming of most refractive index (RI)-based label-free methods such as BLI and SPR is the requirement to tether one of the interaction entities to a sensor surface. This is not the case for BSI. Here, our hypothesis is that the signal origin for free-solution, label-free determinations can be attributed to conformation and hydration-induced changes in the solution RI. We propose a model for the free-solution response function (FreeSRF) and show that, when quality bound and unbound structural data are available, FreeSRF correlates well with the experiment (R2 > 0.99, Spearman rank correlation coefficients >0.9) and the model is predictive within ∼15% of the experimental binding signal. It is also demonstrated that a simple mass-weighted dη/dC response function is the incorrect equation to determine that the change in RI is produced by binding or folding event in free solution. Significance Chemical and biomedical sciences depend heavily on interaction assays, particularly those providing structural insights. Here, we show interferometric, free-solution, label-free studies report conformation and hydration changes, and present a new way for interpreting these methods. Intrinsic property changes are the mechanism allowing for unprecedented sensitivities (picomolar to femtomolar) in complex milieu, even when individual binding partners are undetectable. We establish that the existing theory for label-free assay methods such as surface plasmon resonance (SPR) is not applicable and propose a model for the free-solution response function (FreeSRF), validated and highly predictive when combined with quality structural data and reliable calculations of solvent-addressable surface area. The model allows for interpretation of solution-phase, label-free interactions and could facilitate obtaining structural information from a simple mix-and-read assay.