If you paid attention to the Federal Reserve's monetary decisions last year, you might have been surprised by something: The central bank's three interest rate cuts didn't help mortgage rates get cheaper for homebuyers.

The central bank’s decision to pause at its first meeting of 2025 followed a series of cuts that began in September to account for progress already made on getting inflation down. Over the course of three meetings, the Fed lowered rates by a full percentage point to a range of 4.25 percent to 4.5 percent, which was maintained on Wednesday.