“Rates typically move higher if job openings are higher than expected, all else equal,” wrote Matthew Graham, chief operating officer at Mortgage News Daily, adding that this data-driven volatility is nothing compared with what could be seen on Thursday following the government’s release of the monthly employment report.

If mortgage rates continue moving closer to 6.5%, experts expect an uptick in refinancing activity. Here's what to know.

Meta DescriptionMortgage rates in July 2025 may remain steady, with economists pointing to inflation, Fed moves, and tariffs as key drivers.