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 today, July 29: 30-year fixed at 6.625%, 15-year fixed at 5.75%. Explore current rates, tips to save, and market insights.

Not all mortgages are created equal. Learn the pros, cons and ideal use cases for today’s most popular home loans, so you can shop with confidence.

Find out how affordable your home equity borrowing options could be today.

Here’s the monthly cost of purchasing a typical home today, according to the Realtor.com® mortgage calculator. The typical monthly payment on a median-priced $440,950 home at today’s 6.74% mortgage rate is roughly $2,286. (That’s assuming a 20% down payment and excluding tax and insurance.)

Those with mortgages are bank-hopping at record rates – but not necessarily to get lower interest rates. Loan Market mortgage broker Bruce Patten said banks are attracting new customers by offering them cash contributions of around $5000.