Freddie Mac’s rate for a 30-year fixed rate loan decreased for the fifth week in a row, averaging 6.67% for the week ending July 3.

Graham said rates started headed up in anticipation of Thursday’s job report. The better-than-expected addition of 147,000 jobs in June drove the nation’s unemployment rate down and made a case for the Federal Reserve to not lower interest rates. If unemployment had increased, “the Fed would be cutting rates ,” Graham posted Thursday.

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.