For the vast majority of homeowners, there's currently little financial incentive to refinance their mortgages. So far in 2025, average mortgage rates have remained elevated, consistently hovering between 6.5% and 7% due to ongoing economic uncertainty.

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

The average rate on 30-year fixed home loans decreased to 6.67% for the week ending July 3, down from 6.77% last week.