The case for a U.S. interest rate cut remains unresolved as Federal Reserve officials head into their policy meeting later this month, with data showing fresh signs of higher inflation and President Donald Trump intensifying his demands for lower borrowing costs.

The average rate on 30-year fixed home loans increased to 6.72% for the week ending July 10, up from 6.67% last week.

Interest rate swaps create cash flow stability for borrowers at a lower interest rate than if they had entered into a fixed-rate loan directly. At the same time, lenders are guaranteed to get their payments at the floating market rate.

Major Wall Street brokerages have withdrawn their expectations for a September interest rate cut by the Bank of England, as inflation remains sticky and the labour market resilient.

If Trump allies really wanted to see homes become more affordable, he would push for less monetary inflation and for lower federal deficits.

July 18 mortgage rates hold steady at 6.625% as builders offer discounts and incentives to attract hesitant buyers.

With the Federal Reserve's July meeting on the horizon, many prospective homebuyers and homeowners are wondering what it could mean for mortgage rates. After years of relatively high borrowing costs, even the slightest dip could open doors for those hoping to buy or refinance. But the path forward is far from clear.