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.

Sidelined home buyers holding their breath for lower mortgage rates might need to wait just a little more before they can exhale. Mortgage rates dropped slightly ahead of this week’s Federal Reserve meeting, as financial markets assessed the future U.S. economy and the central bank’s willingness to cut the benchmark federal-funds rate.

Multiple key refinance rates ticked downward. If you're hoping to refinance your home, keep an eye out for lower rates.