Current mortgage rates are down, but higher 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.

The average rate for a 15-year fixed mortgage is 5.94%, which is an increase of 0.05% since last week. To secure a lower mortgage interest rate, consider increasing your down payment, improving your credit score or purchasing mortgage points.

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