The Fed has held its benchmark interest rate between 4.25% and 4.5% this year, though officials have penciled in two cuts by year-end.

The average rate on 30-year fixed home loans registered 6.74% for the week ending July 24, barely down from 6.75% last week.

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.

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.

Mitch Roschelle, financial analyst and CEO of M2 Communities, joins "On Balance" following President Trump's visit to the Federal Reserve.

President Donald Trump is visiting the Federal Reserve headquarters, a week after indicating that Fed chair Jerome Powell's handling of a renovation project could be grounds for firing.