I would take them down and make sure they are getting water all the way thru--sometimes they get so dried out that the middle doesn't receive any water. If they aren't damp all the way through, soak them for a while. Then find a shady place out of the wind for them to sit for a few days while they perk up, before hanging them again. If you have no place to put them because they trail too much, maybe it's a good time to trim some of their length.
Another problem might just be too many plants in a pot, so they're too rootbound to get water and nutrients.
What types of plants are in your hanging baskets?

did you buy the biggest earliest basket you could find????

many annuals have a limited life... though we can extend that with deadheading ...

the problem MIGHT BE.. that you bought the biggest and best one.. at or near its prime in early spring .. early in the season.. and they have simply overgrown the pot early.. because they were forced for the big time show early in the season ...

back when i used to do them.. i used to buy the most immature setup.. so that they would last longer into the summer ....

without a picture. its hard to know whether hardcore pruning would help you .... but if they are as ugly as you suggest.. what would you have to lose by cutting them back severely ????

ken