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.

Mortgage rates seem to have a mind of their own — sometimes rising when you'd expect them to fall. Learn how the Fed rate affects home borrowing costs for smarter financial decisions, plus actionable tips.

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