Mortgage rates remained stable this week as the Federal Reserve kept benchmark rates steady and investors prepared for a potential pause. The average 30-year rate was 6.1%, while the 15-year rate was 5.49%. Rates have stabilized after a dip in January, impacting affordability and new listings in the housing market.

The Federal Reserve’s decision to hold rates steady influenced mortgage rates, despite not directly controlling them. Fed Chairman Jerome Powell stated policymakers would take a meeting-by-meeting approach to setting rates. Mortgage Bankers Association expects rates to stay between 6% to 6.5% for the foreseeable future, supporting a stronger spring housing market.

Chief economist Mike Fratantoni anticipates the current rate level to lead to a somewhat stronger spring housing market, but not a breakout year. The news from the recent Fed meeting does not alter the forecast for mortgage rates. For more insights on the housing market and mortgages, visit Yahoo Finance for the latest financial and business news.

Read more at Yahoo Finance: Mortgage rates were flat this week as the Fed stayed on hold