According to St. Germain, the Fed is likely to prioritize its dual mandate of keeping inflation in check, even with the political pressure increasing. As a result, prospective homebuyers shouldn't expect August to usher in much change for mortgage rates.

Missing a mortgage payment can have detrimental consequences such as foreclosure. In addition, this can also affect your credit score.

Find out how affordable your home equity borrowing options could be today.

If you're concerned that your parents are considering a reverse mortgage, discuss their financial situation with them to help determine if it's the best financial solution.

VantageScore could potentially help younger borrowers or others with limited credit histories qualify for home loans or get better rates, saving them money.