For the vast majority of homeowners, there's currently little financial incentive to refinance their mortgages. So far in 2025, average mortgage rates have remained elevated, consistently hovering between 6.5% and 7% due to ongoing economic uncertainty.

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.