Mortgage rates today, July 29: 30-year fixed at 6.625%, 15-year fixed at 5.75%. Explore current rates, tips to save, and market insights.

Even while the Fed left its benchmark rate unchanged, many consumer rates have fluctuated over the first half of the year.

The Fed’s decision on interest rates affects many types of consumer borrowing costs, from credit cards and mortgages to auto loans.

President Trump has kept up his campaign for Federal Reserve Chair Jerome Powell to lower rates despite saying there was "no pressure."

Longer-term interest rates do not always decrease when the Fed cuts short-term rates. Following the Fed's cuts last year, 10-year bond yields increased, hitting a high of 4.8% in January, according to Open Markets. Mortgages are closely linked to the 10-year U.S. Treasury yield.

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.

President Trump argues that the Federal Reserve should cut interest rates to make buying a house cheaper. Former Labor Secretary Robert Reich warns that could backfire.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also eased. The average rate dropped to 5.87% from 5.92% last week. A year ago, it was 6.07%, Freddie Mac said.