Average mortgage rates were mostly down compared to a week ago, according to Bankrate data. Average rates for 30-year fixed, 5/1 ARMs and jumbo loans decreased, while rates for 15-year mortgages increased.

Persistent inflation led the Federal Reserve to hold off changing its key interest rate this week, despite two policymakers dissenting. The Fed doesn’t determine mortgage rates, but its decisions have broad-reaching effects, including on borrowing costs.

“The ongoing uncertainty about looming tariffs has been like waiting for another economic shoe to drop,” says Greg McBride, CFA, chief financial analyst for Bankrate. “But, is that other shoe going to be a steel-toed work boot, a beach flip-flop or something in between? We should get some clarity on that between now and the Fed’s September meeting with updated inflation data, including two CPI releases, and two more monthly employment reports. The tariff timetable is ever-evolving, so uncertainty could continue to prevail into the fall.”

 

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