Despite concerns over a potential recession and pressure from the White House, the Fed won't lower interest rates this summer.

Jessica Lautz, NAR's deputy chief economist, said in a recent statement that homebuyers should stop focusing so much on mortgage rates: "Regardless the reason, homebuyers waiting on the sidelines for rates to drop will likely be waiting a long time."

Despite a slight rise, 30-year mortgage rates are still hovering near their lowest point since early May. Several other loan types also saw just minor movement.