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.

Mortgage rates remain high, leaving homebuyers weighing whether to act now or wait for potential relief. Melissa Cohn, regional vice president at William Raveis Mortgage, explains how Federal Reserve signals,

The likelihood of a rate cut in July is low, but at least one member of the Federal Open Market Committee is advocating for one.