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,

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.