Policy changes: 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.

The Federal Reserve left interest rates unchanged on Wednesday, amid a cloudy economic outlook, partly because some of President Trump’s policies could stymie the fight against inflation. Wednesday’s pause comes after the central bank cut interest rates by a full percentage point between September and December of last year.