The Fed pushed back against imminent rate cuts this week. Here's what that means for the housing market.

• The Fed pushed back on the idea that rate cuts are imminent at its meeting this week. 
• Redfin notes that while the Fed's tone points to higher mortgage rates for longer, relief is coming later this year. 
• The 30-year fixed mortgage rate was about 6.75% Thursday. 

The Federal Reserve delivered what markets expected Wednesday, which is to say, it made no changes to its benchmark rate. More importantly, though was Federal Reserve Chair Jerome Powell's pushback against the idea that rate cuts are imminent.