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.

If you'd prefer to have ready access to your money, a high-yield savings account could be a better fit. Most CDs impose a penalty if you pull out your funds before the maturity date, but a HYSA is more flexible, allowing you to add deposits and withdraw funds as needed.

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.

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.

Brazil's central bank will hold its benchmark interest rate at a two-decade high of 15% on July 30, according to a unanimous Reuters poll, although economists said it could acknowledge some moderation of inflation expectations.

“In 2018, [Federal Reserve Chairman Jerome] Powell brought down interest rates during the Biden administration, and then now he won’t even bring it down when the economy is thriving," the HUD secretary said. "And so, I don’t understand it.