Average 30-year fixed mortgage rates have remained around a steep 7% for several weeks. While President Donald Trump has claimed he will bring mortgage rates down to 3% -- which would indicate a severe economic crisis -- the president doesn't set rates on home loans.

Learn how Fed meetings affect mortgage rates and what it means for borrowers. Discover trends, impacts, and expert predictions on mortgage rates.

Federal Reserve officials are almost certain to leave benchmark rates unchanged on Wednesday, which would end a run of three straight cuts.

Policy changes from the Fed: When the Fed adjusts the federal funds rate, it spills over into many aspects of the economy, including mortgage rates. The federal funds rate affects how much it costs banks to borrow money, which in turn affects what banks charge consumers to make a profit.

Mortgage rates are up just a couple of basis points since last week, keeping them near their post-Christmas low. Rates on new 30-year fixed-rate loans averaged 6.98% on Friday, as compared to the 4-week low of 6.93%. 15-year loans saw their Friday-to-Friday average rise a more sizable 8 basis points, now up to 6.14%.

The Federal Reserve is nearly certain to keep its key interest rate unchanged at its policy meeting this week, just a few days after President Donald Trump said he would soon demand lower rates

The nation's central bank is likely to hold interest rates steady this week following President Donald Trump's return to the White House. On Wednesday, the Federal Open Market Committee will announce its next interest rate decision.

The Federal Reserve is expected to keep its key interest rate unchanged this week, despite Donald Trump's calls for cuts.