Later today, the Federal Reserve is expected to extend a pause on interest rate cuts for a fourth consecutive time this year. While mortgage rates could see some volatility, many economists expect them to stay relatively flat until the economic picture changes.

Changes to the Fed rate directly affect the rates lenders charge for most loans, while other Federal Reserve policies can encourage banks to accept or reject more loan applications. Here's what to know before you apply or refinance.

The Federal Reserve is set to leave interest rates unchanged as it continues to assess the economic impact of President Donald Trump’s tariffs, especially the threat of higher prices. But new challenges confront the central bank amid ongoing signs that the job market is slowing down.