Are you wondering what’s happening with mortgage rates this summer? You’re not alone. After years of unpredictable ups and downs, many homebuyers and homeowners are eager for some clarity. July 2025 brings a welcome pause in the mortgage market, with rates holding steady and experts offering cautious optimism for the months ahead. If you’re considering buying, refinancing, or just keeping an eye on the market, here’s what you need to know about mortgage rates right now.
Mortgage Rates in July 2025: A Welcome Pause
According to the latest Fortune mortgage rates report, the average 30-year fixed-rate mortgage in the U.S. is 6.675%. This is a slight dip from last month and marks the 21st week in a row that rates have remained below 7%. The 15-year fixed rate now averages 5.83%, while FHA and VA loans are also holding steady.
Current Average Mortgage Rates (July 2025)
- 30-year fixed: 6.675%
- 15-year fixed: 5.833%
- 30-year jumbo: 6.892%
- 30-year FHA: 6.482%
- 30-year VA: 6.290%
Why Are Mortgage Rates Stable Right Now?
Several factors are contributing to this period of stability in rates:
- Federal Reserve Policy: The Fed has kept its benchmark rate unchanged throughout 2025, signaling a wait-and-see approach as inflation nears its 2% target.
- Inflation and the Economy: With inflation cooling and the job market steady (but not booming), lenders are less likely to raise rates further.
- Global Uncertainty: While global events and tariffs still pose risks, most experts believe rates will hover in the mid-6% range through the end of summer.
“July is a long month that offers the potential for a mortgage rate rollercoaster. Expect ups and downs but minimal net change.”
— Danielle Hale, Realtor.com
What Do Stable Mortgage Rates Mean for Buyers?
For buyers, this period of stability is a welcome change. Here’s how you can make the most of the current rates:
- Get Pre-Approved: Lock in today’s rate and show sellers you’re a serious buyer.
- Compare Offers: Even a 0.25% difference in rates can save you thousands over the life of your loan.
- Consider Your Timing: If you find a rate below 7%, you’re ahead of the historical average. Don’t wait for a return to ultra-low rates—they’re unlikely in the near future.
- Refinance if Possible: If your current mortgage rate is above 7%, refinancing could lower your payments.
Expert Predictions for the Rest of 2025
Most forecasts from the National Association of Realtors, Fannie Mae, and Wells Fargo suggest rates will stay between 6.5% and 6.8% for the rest of the year. While there may be small fluctuations, a dramatic drop is not expected unless there’s a major economic shift.
Final Thoughts
While mortgage rates aren’t expected to fall dramatically, the current stability makes it a good time for buyers who want predictability. If you have questions about your options or want to explore the best mortgage rates available, contact the Mortgage Miracles Happen team for expert, personalized guidance.
