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.

Later today, the Federal Reserve is expected to extend a pause on interest rate cuts for a fourth consecutive time this year. While mortgage rates could see some volatility, many economists expect them to stay relatively flat until the economic picture changes.

Interest rates for credit cards to mortgages have jumped since the Fed began fighting inflation in 2022. Here's where experts think rates are headed.