With mortgage rates below 6.5%, lots of recent buyers are deciding to refinance. But there hasn’t been a similar increase in prospective buyers entering the market.

They’ve already come down in anticipation. But what Chair Powell says during the press conference could shed light on whether they’ll continue to fall.

The bond market reflects where investors think the economy is headed, long-term.

The expectation is that the Fed will cut rates — but what if inflation spiked in August? 

The most recent jobs report showed mediocre job creation in July.

Foreign investors would also pull their money out of the U.S.

If investors lose faith in the Fed, they may start demanding higher yields on long-term bonds. That could lead to an increase in the interest rate for mortgages, government debt and more.

“A lot of that information on what the Fed is going to do in September is already priced in” to current mortgage rates, said Zillow economist Kara Ng.

Inflation is taking a back seat as Fed Chair Jerome Powell signaled that a rate cut is coming.

The first time central bank officials set 2% as their inflation target was in 2012.