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.

The Fed is expected to hold rates steady as it continues to observe the effects of President Donald Trump's tariffs.

After a sharp drop of 16 basis points over four days, falling to a six-week low on Thursday, 30-year refinance rates have increased for two consecutive days. Rising 4 basis points on Monday, the average has returned to 7.13%. However, it remains below the May peak of 7.32%, which marked a 10-month high.

Multiple key refinance rates have declined. Refinance rates change daily, but experts say rates could inch down in the coming months.

The current average mortgage rate on a 30-year fixed mortgage is 6.79%, according to the Mortgage Research Center. The average rate on a 15-year mortgage is 5.79%, while the average rate on a 30-year jumbo mortgage is 7.