Mortgage rates inched higher this week as markets await a potential interest rate cut from the Federal Reserve at its September policy meeting.

According to the latest Freddie Mac data (Federal Home Loan Mortgage Corporation), the typical 30-year fixed mortgage rate climbed to 6.49%, a modest increase from the previous week's 6.47% and marking the lowest average levels in over a year.

Yahoo Finance housing reporter Dani Romero breaks down the details, providing insights into what it means for home buyers and sellers in the broader housing market.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination.

This post was written by Angel Smith