Higher interest rates lower inflation but reduce jobs. Lower interest rates lower unemployment rates but increase inflation. Related: Will the Fed cut int

For homebuyers, this means that mortgage rates are likely to keep hovering around the 7-percent mark for the foreseeable future. A majority of experts were expecting the Federal Reserve to leave its key interest rate unchanged on Wednesday,

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