Americans shopping for a mortgage may want to hold tight for now. At its July 30 meeting, the Federal Reserve did not deliver a rate cut. The majority of members voted to leave the federal funds rate unchanged at 4.

The average rate on 30-year fixed home loans registered 6.72% for the week ending July 31, barely down from 6.74% last week.

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.