"Looking ahead, the Fed’s wait-and-see approach is likely to keep mortgage rates at a high-6% in the near term, unless major policy developments or economic shifts occur, such as notable outcomes from the upcoming U.S.-China trade talks scheduled for this weekend," says Realtor.com ® economist Jiayi Xu.

The Fed paused rates again at its May meeting, so could mortgage rates finally fall? Here's what to expect now.

The central bank doesn't set mortgage rates outright, but its policy decisions affect the housing market's longer-term outlook.