Some Fed watchers are looking at the September FOMC meeting for the next rate cut, pending the outcome of tariff inflation and the unemployment rate. A 12-0 vote to hold interest rates steady would be a powerful signal of a strong conviction among the members of the FOMC.

The Fed has held its benchmark interest rate between 4.25% and 4.5% this year, though officials have penciled in two cuts by year-end.

The average rate on 30-year fixed home loans registered 6.74% for the week ending July 24, barely down from 6.75% last week.