The mortgage rate drop provides little relief for prospective shoppers looking ahead to the spring homebuying season.

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Freddie Mac reports its Primary Mortgage Market Survey shows the 30-year fixed-rate mortgage (FRM) averaged 6.95% this week, the same as the previous week.

It's important to understand that the Fed's decision to pause rate cuts will not directly impact mortgage rates. Mortgage rates are actually driven by a range of factors, including the Fed's rate changes. This week's Fed rate decision does, however, have a big influence on where mortgage rates could head.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) remained unchanged at 7.02%.

The current average mortgage rate on a 30-year fixed mortgage is 6.91%, compared to 6.97% a week earlier, according to the Mortgage Research Center. For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 5.

The average rate on a 30-year mortgage in the U.S. eased for the second week in a row, but remains just below 7%, little relief for prospective home shoppers looking ahead to the spring homebuying season.

Mortgage rates are largely stuck at 7% for the time being. The Federal Reserve on Wednesday announced that it was holding its benchmark interest rate steady. The 30-year mortgage rate barely budged following the Fed’s announcement,