Mortgage rates hiked a little on July 5, but weren't too high. Today, the average 30-year fixed mortgage rate increased by one basis point to 6.59%, as per Yahoo Finance.

Current mortgage rates are down and lower than they were seven days ago and in early 2025, when the average 30-year fixed-rate mortgage reached above 7%. Even though Federal Reserve policy doesn’t directly impact today’s mortgage rates, they have been easing since the Fed began cutting rates in late 2024.

Home sales climbed 0.8% last month to a seasonally adjusted annual rate of 4.03 million units, the National Association of Realtors said on Monday. Economists polled by Reuters had forecast home resales falling to a rate of 3.95 million units.

Right now, the average rate on a 30-year fixed mortgage is 6.65%, down from 6.76% last week, according to the Mortgage Research Center.

Fed rate cuts are still on the table this year, but stronger-than-expected job data will keep policymakers on hold this month.

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Declining mortgage interest rates helped boost home loan applications for a second week, as the summer selling season is underway.

Multiple important refinance rates have dropped. Refinance rates change daily, but experts say rates could inch down in the coming months.

The 30-year fixed mortgage rate fell by 0.65% to 6.61%, while the 15-year rate declined by 0.08% to 5.57%. Jumbo mortgage rates are at 6.94%.

What will happen to mortgage rates in 2025? Last month, the Federal Reserve decided to leave the federal funds rate untouched. Mortgage rates didn’t respond to the Fed’s three