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.

Policy makers signalled borrowing costs are still likely to fall this year, but slowed the overall pace of expected future rate cuts

The Federal Reserve sets the benchmark interest rate for all other borrowing rates in the U.S. economy. This is known as the federal funds rate. Right now, the federal funds rate