US 30-Year Mortgage Rate Climbs to a One-Year High of 6.66%

The average rate on a 30-year fixed US mortgage climbed to 6.66% in the week ending July 30, according to Freddie Mac's weekly survey, up from 6.58% the previous week and its highest level in roughly a year. The 15-year fixed rate also rose, to 6.04%. It was the fourth consecutive weekly increase, and the move followed the Federal Reserve's decision to hold rates steady while signalling it may keep policy restrictive for longer. Analysts linked the rise to higher Treasury yields and stubborn inflation, with elevated energy prices tied to the Middle East conflict keeping the broader price picture unsettled; the 10-year Treasury yield, which mortgage rates tend to track, edged up after the Fed meeting. Higher borrowing costs add hundreds of dollars to monthly payments and erode purchasing power, and mortgage applications fell in the latest week as some buyers stepped back. Freddie Mac's chief economist noted that rising housing inventory is giving buyers more options and helping support activity even as rates fluctuate, but affordability remains strained heading into late summer.