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.

The average rate on 30-year fixed home loans increased to 6.72% for the week ending July 10, up from 6.67% last week.

Mortgage interest rates are consistently declining again. Here are three things homebuyers should do in response.