Mortgage rates have dropped for five weeks in a row. But will they continue to do so this July? Here's what to consider.

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.

Inflation is holding just above the Federal Reserve’s target rate of 2 percent, and the central bank has yet to lower its benchmark rate in 2025. Add up those key variables, and mortgage rates aren’t likely to move much this month.