The average rate on 30-year fixed home loans registered 6.72% for the week ending July 31, down slightly from 6.74% last week.

The Fed is maintaining its benchmark interest rate in the range of 4.25% to 4.5%, where it's been parked since December.

The Federal Reserve is widely expected to keep interest rates unchanged on Wednesday for the fifth consecutive meeting, maintaining its benchmark rate in the range of 4.25% to 4.5%. The decision, which comes amid growing political pressure from President Trump and rising economic uncertainty from looming tariffs,