The hope among investors had been that Powell would hint that the Fed's first cut to interest rates of the year may be imminent.

Federal Reserve Chair Jerome Powell didn't "promise" to cut interest rates in September and may not adjust rates if there are dramatic surprises in the data in the coming weeks, said former Boston Fed President Eric Rosengren.

"HELOC interest rates are generally structured as prime plus a margin," Debbie Calixto, sales manager at mortgage lender loanDepot, says. The federal funds rate influences the prime rate, while the margin reflects an additional percentage based on your credit score and loan details.

Stocks soared on Friday after Federal Reserve Chair Jerome Powell signaled the central bank may be ready to resume cutting interest rates at its next policy meeting in September.

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The Trump administration has pressured Powell, whose term as Fed chair expires next year, to step down as chair of the central bank.

U.S. stocks are ticking higher ahead of a highly anticipated speech about where interest rates may be heading.