With mortgage rates back on the incline, fewer homeowners can find a low enough interest rate to consider refinancing.

The rate on a 30-year fixed refinance slipped to 6.83% today, according to the Mortgage Research Center. Rates averaged 5.75% for a 15-year financed mortgage and 6.68% for a 20-year financed mortgage.

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.