A rise in mortgage interest rates has led to a decline in people applying for home loans and homeowners refinancing.

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

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.

If the economy is “hot” and “booming,” the Fed shouldn’t lower interest rates. Republicans keep flubbing this.

U.S. fiscal situation with $37 trillion in debt makes Trump's push for 1% interest rates difficult despite strong consumer spending, as Treasury yields remain market-driven.

Falling inflation has persuaded the central bank in Moscow to continue relaxing the country’s record borrowing costs.

The Federal Open Market Committee will meet on Tuesday and Wednesday before announcing the federal-funds rate target range, which has sat at 4.25% to 4.5% since December. The decision will go public at 2 p.m. Eastern time on Wednesday, and Fed Chair Jerome Powell will address the media at 2:30 p.m.

The average rate on 30-year fixed home loans increased to 6.75% for the week ending July 17, up from 6.72% last week.