Mortgage rates need to get below 6% to reinvigorate the frosty housing market, according to the National Association of Realtors (NAR). A 30-year fixed-rate mortgage at 6% would make the median-priced home affordable for about 5.5 million more households, NAR economists shared at the July 16 Real Estate Forecast Summit.

Today’s average mortgage rate on a 30-year fixed-rate mortgage is 6.72%, up 0.60% from the previous week, according to the Mortgage Research Center. Borrowers may be able to save on interest costs by going with a 15-year fixed mortgage,

Mortgage rates have dropped, but it's likely not tied to today’s Fed news. Here’s why waiting for a Fed rate cut could be a poor strategy for homebuyers.