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.

Another flurry of tariff announcements could spark volatility in the mortgage market leading up to the Fed's meeting later this month.

Mortgage rates have dropped for five weeks in a row. But will they continue to do so this July? Here's what to consider.