The rate on a 30-year fixed refinance fell to 6.72% today, according to the Mortgage Research Center. The average rate on a 15-year mortgage refinance is 5.68%. On a 20-year mortgage refinance, the average rate is 6.

According to St. Germain, the Fed is likely to prioritize its dual mandate of keeping inflation in check, even with the political pressure increasing. As a result, prospective homebuyers shouldn't expect August to usher in much change for mortgage rates.

Multiple key refinance rates ticked downward. If you're hoping to refinance your home, keep an eye out for lower rates.