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.

Mortgage rates didn't move last week, but demand for new home loans continued to weaken. Both home buyers and current homeowners are hampered by today's higher interest rates. Total mortgage application volume decreased 2% from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.

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Mortgage rates are up just a couple of basis points since last week, keeping them near their post-Christmas low. Rates on new 30-year fixed-rate loans averaged 6.98% on Friday, as compared to the 4-week low of 6.93%. 15-year loans saw their Friday-to-Friday average rise a more sizable 8 basis points, now up to 6.14%.

Policy changes from the Fed: When the Fed adjusts the federal funds rate, it spills over into many aspects of the economy, including mortgage rates. The federal funds rate affects how much it costs banks to borrow money, which in turn affects what banks charge consumers to make a profit.

These are today's mortgage and refinance rates. Mortgage rates may only drop a little bit this year since the economy is still running strong.

Here’s how the central bank’s interest rate stance influences car loans, credit cards, mortgages, savings and student loans.

Even the Federal Reserve, which sets a short-term benchmark interest rate for lenders, only indirectly impacts the mortgage market. The Fed is expected to hold interest rates stea

Learn how Fed meetings affect mortgage rates and what it means for borrowers. Discover trends, impacts, and expert predictions on mortgage rates.