Mortgage rates, which are primarily tied to 10-year Treasury yields in the bond market, are also sensitive to other factors, including investor outlook for future Fed moves. Economists will be closely listening to Fed Chair Jerome Powell's post-meeting remarks for any hints about rate cuts later this year.

The average rate on 30-year fixed home loans registered 6.74% for the week ending July 24, down just barely from 6.75% last week.

The Fed has opted to keep rates steady recently, but plenty of homebuyers and experts alike are speculating about whether it will lower them soon. That, in turn, could have a big impact on where mortgage rates head next,