If you paid attention to the Federal Reserve's monetary decisions last year, you might have been surprised by something: The central bank's three interest rate cuts didn't help mortgage rates get cheaper for homebuyers.

It's important to understand that the Fed's decision to pause rate cuts will not directly impact mortgage rates. Mortgage rates are actually driven by a range of factors, including the Fed's rate changes. This week's Fed rate decision does, however, have a big influence on where mortgage rates could head.

These are today's mortgage and refinance rates. Mortgage rates are likely to remain elevated until inflation comes down further.