3 mortgage moves to make before the July Fed meeting
Summary
Mortgage interest rates have gone up again after falling earlier in 2025. With a Federal Reserve meeting in July where rates might rise further, homebuyers and people refinancing their homes should take certain steps now to protect themselves from higher costs.Key Facts
- Mortgage interest rates dropped by about 1% earlier in 2025 but have since increased again.
- Rates were below 6% as recently as April, but now many borrowers face higher rates.
- The Federal Reserve meeting on July 28 may lead to a rate increase, with a 27% chance according to an industry tool.
- Borrowers should check their credit reports for errors and work on improving their scores since better credit can lower mortgage rates.
- Shopping around with different lenders can find better mortgage rate offers, potentially saving up to a full percentage point.
- Locking in a mortgage rate now can protect borrowers from further increases, even if rates are not ideal.
- If rates drop later, borrowers who locked in rates might be able to switch to a lower rate before their loan closes.
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