Mortgage rates are likely to tick up even as the Federal Reserve said on Wednesday its target interest rate would remain unchanged. But what really matters for home financing costs is economic data and the market outlook in the run-up to September’s meeting.

Mortgage rates, which are primarily tied to 10-year Treasury yields in the bond market, are also sensitive to other factors, including investor outlook for future Fed moves. Economists will be closely listening to Fed Chair Jerome Powell's post-meeting remarks for any hints about rate cuts later this year.