According to St. Germain, the Fed is likely to prioritize its dual mandate of keeping inflation in check, even with the political pressure increasing. As a result, prospective homebuyers shouldn't expect August to usher in much change for mortgage rates.

Mortgage rates are up, but still under 7%. Today’s national average on a 30-year fixed-rate mortgage is 6.79%, according to Bankrate. If you choose a 15-year fixed-rate mortgage, the average rate is 5.

Why is the Fed holding off on interest rate cuts? After inflation showed ongoing signs of slowing in late 2024, the Fed lowered rates three times, yet the picture is more complex