The Fed, helmed by Chair Jerome Powell, is expected to hold rates steady this month despite pressure from President Donald Trump to make cuts.

This “real rate” of the 1-year maturity stood at 1.7% — the actual 1-year Treasury yield of 4.1% minus the CPI’s 2.4%. Over the past 20 years, the average one-year real rate has been a negative-0.8%.

Average rates are likely to stay in the 6.75% to 7.25% range unless the Fed signals multiple cuts and backs up their policy with data, said Nicole Rueth, of the Rueth Team with Movement Mortgage. "Homebuyers waiting on rates to drop drastically might be disappointed," Rueth said.