Interest rates for credit cards to mortgages have jumped since the Fed began fighting inflation in 2022. Here's where experts think rates are headed.

The Federal Reserve held its key interest rate steady for the fourth time this year on Wednesday, leaving its benchmark lending rate unchanged at a range of 4.25 percent to 4.5 percent. For homebuyers, this means that mortgage rates are likely to keep hovering around the 7-percent mark for the foreseeable future.

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

Governor Andrew Bailey says "interest rates remain on a gradual downward path" but cautions "the world is highly unpredictable".

The Bank of England has left its interest rates on hold at 4.25% during its Thursday meeting, though the bank has indicated that cuts were coming later in this year.

The Bank of England held interest rates at 4.25% in a more divided vote than expected as policymakers reacted to signs of softening in the labor market and weak growth against a backdrop of mounting geopolitical tensions.