Mortgage rates are largely stuck at 7% for the time being. The Federal Reserve on Wednesday announced that it was holding its benchmark interest rate steady. The 30-year mortgage rate barely budged following the Fed’s announcement,

The federal funds rate and mortgage interest rates are often expected to move together, but they haven’t lately. Here’s why.

It's important to understand that the Fed's decision to pause rate cuts will not directly impact mortgage rates. Mortgage rates are actually driven by a range of factors, including the Fed's rate changes. This week's Fed rate decision does, however, have a big influence on where mortgage rates could head.

The current average mortgage rate on a 30-year fixed mortgage is 6.96% with an APR of 6.99%, according to the Mortgage Research Center. The 15-year fixed mortgage has an average rate of 5.97% with an APR of 6.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) remained unchanged at 7.02%.

We analyzed mortgage reviews on 10 major financial sites to find out which providers landed on the most “best mortgage” lists

Heading into today's Fed announcement, we didn't expect to receive any significant surprise on the stance of monetary policy.  Financial markets had long since ruled out the possibility of a rate cut and we knew Powell could only really acknowledge recent progress in inflation data while maintaining that more progress is needed for additional rate cuts.

Friday, ending the week just a few basis points above their lowest level of the new year. Many other loan types also saw steady averages.

These are today's mortgage and refinance rates. Mortgage rates have eased thanks to cooler inflation data, but it's unclear if they'll drop further.

Mortgage rates pulled back slightly this week, with the 30-year fixed rate averaging 7.03 percent, down from 7.06 percent the previous week, according to Bankrate’s latest lender survey. The Federal Reserve held off cutting rates on Wednesday and could keep to that stance until the inflation picture becomes clearer.