Mortgage rates need to get below 6% to reinvigorate the frosty housing market, according to the National Association of Realtors (NAR). A 30-year fixed-rate mortgage at 6% would make the median-priced home affordable for about 5.5 million more households, NAR economists shared at the July 16 Real Estate Forecast Summit.

The current mortgage rate on a 30-year fixed mortgage fell by 1.14% in the last week to 6.65%, according to the Mortgage Research Center. Meanwhile, the APR on a 15-year fixed mortgage dropped 0.05 percentage point during the same period to 5.

Mortgage rates have dropped, but it's likely not tied to today’s Fed news. Here’s why waiting for a Fed rate cut could be a poor strategy for homebuyers.