Mortgage rates moved lower today as financial markets turned their full attention to the Federal Reserve's highly anticipated interest rate decision. The average 30-year fixed mortgage rate fell to 6.75%, while the average 30-year refinance rate declined to 6.80% and the 15-year refinance rate dropped to 6.17%. The rate pullback comes just hours before the Federal Open Market Committee (FOMC) announces its latest policy decision, followed by a press conference from Fed Chair Kevin Warsh. While most economists expect the central bank to leave interest rates unchanged, investors will be closely watching for any signals about whether another rate hike could still be on the table later this year.

Today's announcement carries added importance because mortgage rates often react not only to the Fed's decision itself, but also to the tone of its statement and the Chair's comments about inflation, economic growth, and future monetary policy. Inflation has remained stubbornly above the Fed's 2% target, while rising energy costs and geopolitical tensions have complicated the outlook. Even if policymakers leave rates unchanged this afternoon, markets will be looking for clues about whether officials believe inflation risks are easing or whether tighter monetary policy may still be needed in the months ahead.

The Federal Reserve will release its policy statement at 2:00 p.m. ET, followed by Chair Kevin Warsh's press conference at 2:30 p.m. ET. Those two events could quickly reshape expectations for mortgage rates, Treasury yields, and the broader housing market heading into the second half of the year. For homebuyers, sellers, and homeowners considering a refinance, today's announcement may provide the clearest indication yet of where borrowing costs are headed next.