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.

The president last week inserted himself into the debate over interest rates ahead of the central bank’s meeting this week.

Until then, Trump’s comments Thursday suggest he expects to regularly second-guess the Fed in public, despite a decades-long tradition among previous presidents of taking a hands-off approach to the central bank. Former president Joe Biden reappointed Powell, rather than replacing him, in a nod to central bank independence from politics.

The Federal Reserve is widely expected to hold its key interest rate steady on Wednesday as officials wait for more data that indicates inflation is cooling.

Donald Trump’s return to the White House is overshadowing the Fed’s meeting this week, with policymakers expected to pause changes to interest rates for now.

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

President Donald Trump wants rate cuts, and he wants them now. The Federal Reserve, however, seems unlikely to budge. Investors are betting the Fed will hold interest rates steady at 4.25-4.5% during this Wednesday’s policy announcement,