The consensus view is that the Fed will hold interest rates steady in its July meeting; however, there seems to be a push for a signal cut of .25% among economists, and even some Fed board members. We will be watching whether the July hold is unanimous, or if one or two members dissent.

Officials are split into three camps over what economic evidence they need before resuming rate reductions. Two governors are prepared to dissent on Wednesday.

Federal Reserve Chair Jerome Powell will announce the central bank's latest interest rate decision and deliver remarks on Wednesday, with the market expecting rates to hold steady. Bank of America Securities senior US economist Stephen Juneau and Pangaea Policy founder Terry Haines discuss what they expect from the Fed meeting.

For the past several months, the average 30-year fixed mortgage rate has sat between 6.5% and 7%. Prospective homebuyers shouldn't hold their breath for that to change anytime soon. On July 30, the Federal Reserve is expected to keep borrowing rates the same at its fifth monetary policy meeting this year.

Federal Reserve officials are determined to hold interest rates steady a little while longer, though an increasingly contentious debate at this week’s policy meeting may bolster expectations for rate cuts in the fall.

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.

A federal judge on Monday denied a request by a Donald Trump ally to force the Federal Reserve committee responsible for directing US monetary policy to make its meetings publicly accessible and accused an investment firm of wasting the court’s time.