With the Federal Reserve's July meeting on the horizon, many prospective homebuyers and homeowners are wondering what it could mean for mortgage rates. After years of relatively high borrowing costs, even the slightest dip could open doors for those hoping to buy or refinance. But the path forward is far from clear.

Renewed concerns over tariffs and the broader economy drove treasury yields higher last week, and mortgage rates followed. As a result, total mortgage application volume dropped 10% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.

If Trump allies really wanted to see homes become more affordable, he would push for less monetary inflation and for lower federal deficits.

Headwinds for mortgage rates arrived Tuesday in the form of rising inflation, which likely ends the faint hopes of a Fed rate cut in July.

For today’s segment, we here at 7News will look at Lawton’s housing market, with numbers courtesy of Parks Jones Realtors.