The Federal Reserve held rates steady in a 9-3 vote, but the three dissenters voting for a hike represent the most hawkish pressure this cycle. Fed Chair Warsh drew a hard line on inflation, stating the Fed "will not waver" from its 2% target, signaling a commitment to fighting inflation with potential rate increases ahead. Markets sold off immediately—stock indices dropped and Treasury yields rose sharply, with the 10-year climbing 5 basis points and the 30-year jumping over 9 basis points, translating directly to higher mortgage rates. The real estate takeaway: rates are under upward pressure, not downward, and September's FOMC meeting will be the next critical decision point based on upcoming inflation and jobs data. Buyers waiting for rates to fall should know the Fed is signaling the opposite direction for the foreseeable future.