The Fed’s decision on interest rates affects many types of consumer borrowing costs, from credit cards and mortgages to auto loans.

A rise in mortgage interest rates has led to a decline in people applying for home loans and homeowners refinancing.

The Fed has held its benchmark interest rate between 4.25% and 4.5% this year, though officials have penciled in two cuts by year-end.

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

If you'd prefer to have ready access to your money, a high-yield savings account could be a better fit. Most CDs impose a penalty if you pull out your funds before the maturity date, but a HYSA is more flexible, allowing you to add deposits and withdraw funds as needed.

The Federal Open Market Committee will meet on Tuesday and Wednesday before announcing the federal-funds rate target range, which has sat at 4.25% to 4.5% since December. The decision will go public at 2 p.m. Eastern time on Wednesday, and Fed Chair Jerome Powell will address the media at 2:30 p.m.

The average rate on 30-year fixed home loans increased to 6.75% for the week ending July 17, up from 6.72% last week.

Brazil's central bank will hold its benchmark interest rate at a two-decade high of 15% on July 30, according to a unanimous Reuters poll, although economists said it could acknowledge some moderation of inflation expectations.