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.

President Trump's visit to the Fed is the latest development in his long-running fight with Fed Chair Powell that has focused on interest rates

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 U.S. central bank, to President Donald Trump's chagrin, will likely leave interest rates unchanged at a policy meeting this week, but that's not to say there won't be a vigorous debate, with one if not two Federal Reserve governors possibly casting a rare dissent in support of lower borrowing costs.

The Federal Reserve kicks off its July meeting on Tuesday, with Fed Chair Jerome Powell set to speak on Wednesday and deliver the central bank's latest interest rate decision. Markets are largely expecting the Fed to hold rates steady,

The conclusion of the Federal Reserve’s policy meeting on Wednesday could produce a historic dissent. If so, investors should be prepared to do, well, nothing, according to one Wall Street veteran.

It meets July 29-30 to vote whether to cut interest rates for the first time this year. Many economists and market analysts expect the FOMC to hold interest rates steady. But expectations are growing that the next rate cut will come sooner than later.