Overview
- Freddie Mac reported the average 30-year fixed mortgage rate climbed to 6.66% for the week ending July 30, the highest reading since July 2025.
- Markets pushed long-term yields higher after the Federal Reserve left its policy rate unchanged while three FOMC officials signaled they favored a rate increase, which fed expectations of tighter policy.
- Renewed conflict involving Iran has driven oil prices up and helped raise inflation expectations, a dynamic that has pushed the 10-year Treasury yield and mortgage rates higher.
- Borrowing costs on 15-year fixed mortgages also rose to 6.04%, and Mortgage Bankers Association data show purchase applications fell about 7%, reflecting weaker demand and reduced buyer purchasing power.
- Analysts expect further pressure on rates this year, which means higher monthly payments for many buyers, fewer households able to afford the same home, and more negotiating room for buyers in some local markets.