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.

Most economists predict the Fed will start lowering rates in September. If President Trump eases some of his aggressive tariff measures or if the labor market continues to deteriorate, the Fed might cut interest rates earlier,

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

Mortgage interest rates are consistently declining again. Here are three things homebuyers should do in response.