The possibility of sub-6 percent mortgage rates has grown fainter. Fannie Mae predicts rates will edge down to 6.4 percent by the end of the year, while the Mortgage Bankers Association expects 30-year rates will barely decrease, to 6.7 percent by the end of 2025.

As investors have bought bonds expecting a Fed rate cut, that's helped mortgage borrowers. But even if the Fed does cut, home loans may not benefit.