The market currently projects an interest rate cut in the fall, though two Fed officials floated the possibility of a rate cut this month. Fed Chair Powell has reaffirmed a "wait and see" posture, with concerns over the inflationary impact of tariffs.

Mortgage rates are up, but still under 7%. Today’s national average on a 30-year fixed-rate mortgage is 6.74%, according to Bankrate. If you choose a 15-year fixed-rate mortgage, the average rate is 5.

The Mortgage Bankers Association predicts that mortgage rates won't change much over the next three months. The trade association forecasts that the 30-year mortgage will average 6.8% from July through September, about the same as the average from April through June.