After implementing three rate cuts in late 2024, the central bank has opted to keep its benchmark federal funds rate steady at 4.25% to 4.50%. The pause comes as inflation showed signs of stubborn persistence,

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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.

Applications for a mortgage to purchase a home dropped 0.4% from one week earlier and were 7% lower than the same week one year ago. Mortgage rates didn't move last week, but demand for new home loans continued to weaken.

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.

Mortgage rates pulled back slightly this week, with the 30-year fixed rate averaging 7.03 percent, down from 7.06 percent the previous week, according to Bankrate’s latest lender survey. The Federal Reserve held off cutting rates on Wednesday and could keep to that stance until the inflation picture becomes clearer.