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.

The average rate on 30-year fixed home loans increased to 6.75% for the week ending July 17, up from 6.72% last week.

Mortgage rate trends Mortgage rates have been trending lower for the past five weeks and are currently at their lowest level since early April, when the 30-year rate average 6.62%.That downward ...

You’ll typically get a lower introductory interest rate with a 5/1 ARM in the first five years of the mortgage. But you could pay more after that period, depending on how the rate adjusts annually.

Rates on a 15-year mortgage stand at an average 5.98% for purchase and 6.09% for refinance, up 7 basis points from 5.91% for purchase and 21 basis points from 5.88% for refinance over the past week.

Why mortgage rates could stay the same in May "Rates could hold steady if the economy keeps humming along without big shocks," says Glick. "If inflation stays around 2.8% to 3%, and job growth ...