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As expected, Federal Reserve officials voted to raise the federal funds rate by a quarter of a percentage point at its July meeting, which wrapped up on Wednesday. This move was expected and won't have much impact on mortgage rates. The commentary coming out of the meeting, however, might.
Though they rose rapidly in the first half of July, mortgage rates plunged a couple of weeks ago and inched down further today. Average 30-year mortgage rates have been hovering in the 6.4% to 6.6% range this week.