The Federal Reserve held its key interest rate steady for the fourth time this year on Wednesday, leaving its benchmark lending rate unchanged at a range of 4.25 percent to 4.5 percent. For homebuyers, this means that mortgage rates are likely to keep hovering around the 7-percent mark for the foreseeable future.

Looming decisions about interest rates from the Federal Reserve

Interest rates for credit cards to mortgages have jumped since the Fed began fighting inflation in 2022. Here's where experts think rates are headed.

The Federal Reserve on Wednesday stuck to its forecast of two interest-rate cuts in 2025 despite seeing a burst of inflation coming in the next few months as a result of higher tariffs. In an updated forecast,

By Howard Schneider WASHINGTON -The Federal Reserve held interest rates steady on Wednesday and policymakers signaled borrowing costs are still likely to fall this year, but slowed the overall pace of expected future rate cuts in the face of estimated higher inflation flowing from the Trump administration's tariff plans.

After a sharp drop of 16 basis points over four days, falling to a six-week low on Thursday, 30-year refinance rates have increased for two consecutive days. Rising 4 basis points on Monday, the average has returned to 7.13%. However, it remains below the May peak of 7.32%, which marked a 10-month high.

Multiple key refinance rates have declined. Refinance rates change daily, but experts say rates could inch down in the coming months.

The current average mortgage rate on a 30-year fixed mortgage is 6.79%, according to the Mortgage Research Center. The average rate on a 15-year mortgage is 5.79%, while the average rate on a 30-year jumbo mortgage is 7.