With the Federal Reserve's July meeting on the horizon, many prospective homebuyers and homeowners are wondering what it could mean for mortgage rates. After years of relatively high borrowing costs, even the slightest dip could open doors for those hoping to buy or refinance. But the path forward is far from clear.

Mortgage rates moved higher for the second week in a row, according to Freddie Mac. The average rate on a 30-year loan reached 6.75%.

Mortgage applications dropped 10.0% amid rising interest rates and post-holiday adjustments.   Refinance activity declined 7%, while purchase app

Mortgage rates on July 17, 2025, hold steady as 30-year fixed sits at 6.625%. Here’s what today’s numbers mean for buyers and refinancers.

Check our interactive map to find today's average 30-year mortgage refinance rate for any U.S. state. Right now, the lowest rates are in New York, California, and North Carolina.