The Federal Reserve sets the benchmark interest rate for all other borrowing rates in the U.S. economy. This is known as the federal funds rate. Right now, the federal funds rate

The Federal Reserve said Wednesday it is holding its benchmark interest rate steady, marking a continuation of its "wait-and-see" approach as it assesses the impact of the Trump administration's economic policies.

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.