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.

Several economists expect the Federal Reserve could play wait-and-see for a while longer. Some expect the Fed to next cut rates in September.

The Federal Reserve Bank is expected to hold its benchmark rate steady at its meeting on Wednesday, maintaining the same cautious posture it has assumed throughout the first half of 2025. That's according to the CME Group's FedWatch Tool,