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,

Some of the rate stability can be attributed to the Federal Reserve. The central bank has left short-term interest rates untouched this year, including at its June 17-18 meeting. In a statement, the Fed said it would keep an eye on inflation and employment to decide what to do next — and when.

The Bank of England has held interest rates at 4.25% as it continues to tread carefully amid fears of resurgent inflation.