The average rate on 30-year fixed home loans registered 6.74% for the week ending July 24, down just barely from 6.75% last week.

After swinging from a dramatic spring peak to a welcome summer low, mortgage rates are now holding steady—letting buyers potentially save hundreds each year.

For the past several months, the average 30-year fixed mortgage rate has sat between 6.5% and 7%. Prospective homebuyers shouldn't hold their breath for that to change anytime soon. On July 30, the Federal Reserve is expected to keep borrowing rates the same at its fifth monetary policy meeting this year.