The Federal Reserve held its key interest rate steady for the fourth time this year on Wednesday, leaving its benchmark lending rate unchanged at a range of 4.25 percent to 4.5 percent. For homebuyers, this means that mortgage rates are likely to keep hovering around the 7-percent mark for the foreseeable future.

The 30-year fixed-rate mortgage has a number of advantages for homeowners and investors. But it wasn’t always the norm.

Mortgage rates edged down this week. Today, Freddie Mac reported 6.81% as the average on a 30-year mortgage, down three basis points from last week. Long-term rates are now at their lowest level in about a month.