Mortgage rates were flat this week as the Fed stayed on hold

Mortgage Rates Overview - The average 30-year mortgage rate is currently at 6.1%, slightly up from 6.09% the previous week, while the average 15-year mortgage rate is at 5.49%, up from 5.44% [1][2] - Mortgage rates have stabilized after a dip earlier in January, remaining near levels seen during much of the fall [1] Federal Reserve Influence - The Federal Reserve has held benchmark interest rates steady, following three consecutive quarter-point cuts, indicating a cautious approach to future rate changes [4] - Fed Chairman Jerome Powell emphasized a meeting-by-meeting strategy for setting rates, acknowledging that inflation remains "somewhat elevated" while the job market shows signs of stabilization [4] Market Expectations - The Mortgage Bankers Association forecasts that mortgage rates will remain in the 6% to 6.5% range for the foreseeable future, which is expected to support a somewhat stronger spring housing market compared to last year, but not a breakout year [5] - High borrowing costs continue to strain affordability, keeping many potential homeowners on the sidelines and limiting new listings [2]