Americans shopping for a mortgage may want to hold tight for now. At its July 30 meeting, the Federal Reserve did not deliver a rate cut. The majority of members voted to leave the federal funds rate unchanged at 4.

Mortgage rates have dropped, but it's likely not tied to today’s Fed news. Here’s why waiting for a Fed rate cut could be a poor strategy for homebuyers.

The average rate on a 30-year fixed mortgage was 6.72% — little changed from a week prior, according to Freddie Mac data.