Potential homebuyers could face steep mortgages due to interest rates staying put

Federal Reserve officials announced the Fed does not plan to cut interest rates on Wednesday, leaving rates at a 23-year high.

This means rates for car loans, credit cards and mortgages will stay relatively the same for the time being.The effects of an up-and-down economy have been a roller coaster for Peyton Megown, the owner of Trim-N-Proper, a Colorado hair salon.The same goes for Mallory Poux, the owner of the salon Manpered in Denver.

"Well, I'm trying, since I'm trying to get into a bigger place," Megown said."I'm just trying to wait and see what I can get, if potentially I can get a house or if I'm going to be stuck in something that's still a little smaller, like a townhome or a bigger condo." The Federal Reserve's benchmark interest rate remains in the range of 5.25% to 5.5% for now, and some economists don't believe a drop will happen any time soon.

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