Will mortgage interest rates drop in July? 4 things to consider now

Mortgage interest rates could drop again this July if certain market conditions change. Surasak Suwanmake/Getty Images June was certainly an eventful month in the interest rate environment. A report released on June 10 showed inflation surging in May past 4%, bringing it to its highest level in more than three years. And a Federal Reserve meeting later in the month ended with the Federal funds rate frozen once again, with the possibility of an interest rate hike now looming for later in the year. This has all left homebuyers and owners looking to refinance in a markedly worse financial position than they were earlier this year. It was only mid-April, for example, when the average mortgage rate on a 30-year term was sitting under 6% . Now, it's around 6.50%, even with the Fed keeping interest rates paused. That noted, it's important to remember that mortgage interest rates change on a daily basis. Ahead of a new month, then, borrowers may find it helpful to take a closer look at the mortgage rate climate with an eye on the potential for rates to fall further in July. But will that actually happen, or are borrowers better served by locking in one of today's imperfect rates instead now? That's what we'll examine below. Start by seeing what mortgage rate you currently qualify for here . Will mortgage interest rates drop in July? Predicting the future movement of mortgage interest rates is inherently difficult, as any number of factors can drive them up or down . …