So far this year, average mortgage rates have stayed stubbornly high, bouncing between 6.5% and 7%, as financial markets weigh the risks of both higher inflation and an economic slowdown. Most homeowners, unable to save money by refinancing, are holding out for bigger rate drops.

Customers with past-due balances who are at or below 300% of the federal poverty level, or nonprofits with past-due balances can qualify. The federal poverty level for 2025 in the 48 contiguous states is $15,650 for a single person and $32,150 for a family of four. The poverty level is adjusted by $5,500 for each additional member of a household.

The average rate on 30-year fixed home loans decreased to 6.67% for the week ending July 3, down from 6.77% last week.