Mortgage demand fell to the lowest level since May, even as mortgage interest rates haven't moved at all. Consumers are concerned about the broader economy.

Mortgage rates have dropped, but it's likely not tied to today’s Fed news. Here’s why waiting for a Fed rate cut could be a poor strategy for homebuyers.

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.