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.

US stocks gained on Wednesday with investors looking ahead to the Federal Reserve’s monetary policy decision. The S&P 500 Index rose 0.1% at 9:39 a.m. in New York, with the benchmark heading toward the closing record set on Feb. 19. The tech-heavy Nasdaq 100 Index was up 0.1%.

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.