As many predicted, the Federal Reserve announced it would not raise the current key interest rate --this is the first time the Feds haven't hiked up rates in the past 15 months.
While this is optimistic news, know that they signaled the likelihood of two additional rate hikes later this year.
Federal Reserve Chair Jerome Powell explained that this cautious approach aims to gather more information before determining the need for further rate increases.
Although the federal funds rate doesn't directly influence mortgage rates, they often follow a similar course due to shared underlying factors.
So despite the absence of a Fed rate hike, it's unlikely that we will see a significant dip in mortgage rates in these upcoming months.
However, an increase at the Fed's next meeting in July could trigger an increase in mortgage rates.