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Though they've trended back down somewhat over the past couple of weeks, mortgage rates increased overall in July compared to the month before. The average 30-year mortgage rate was around 6.62% for the month in July, compared to 6.49% for the month of June.
Incoming economic data will give us an idea of whether or not rates will rise, hold steady, or fall in the coming months. The first major piece of data will be July's jobs report, set to be released on Friday. A cooling labor market will help take some of the upward pressure off of mortgage rates.