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

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,

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.

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.

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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.