The average rate on 30-year fixed home loans registered 6.72% for the week ending July 31, barely down from 6.74% last week.

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.

Sidelined home buyers holding their breath for lower mortgage rates might need to wait just a little more before they can exhale. Mortgage rates dropped slightly ahead of this week’s Federal Reserve meeting, as financial markets assessed the future U.S. economy and the central bank’s willingness to cut the benchmark federal-funds rate.