Current mortgage rates are down and lower than they were seven days ago. Rates are lower than they were 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.

Mortgage rates, which are primarily tied to 10-year Treasury yields in the bond market, are also sensitive to other factors, including investor outlook for future Fed moves. Economists will be closely listening to Fed Chair Jerome Powell's post-meeting remarks for any hints about rate cuts later this year.

The numbers for June came in pretty much as economists had predicted — a moderate increase from last month. The rate of inflation rose 0.3% from May to June, and was up 2.7% compared to June 2024. In other words, if it feels like everyday goods cost more, it's because many of them do.