The Federal Reserve on Wednesday announced that it was holding its benchmark interest rate steady. The 30-year mortgage rate barely budged following the Fed’s announcement, moving down just 1 basis point to 7.06%, according to Mortgage News Daily.

Mortgage rates didn't move last week, but demand for new home loans continued to weaken. Both home buyers and current homeowners are hampered by today's higher interest rates. Total mortgage application volume decreased 2% from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.

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.

The current average mortgage rate on a 30-year fixed mortgage is 6.96% with an APR of 6.99%, according to the Mortgage Research Center. The 15-year fixed mortgage has an average rate of 5.97% with an APR of 6.

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.