Mortgage Rates Today: 30-Year Rate Hits 6.66%

U.S. mortgage rates rose for a fourth straight week, pushing the average 30-year fixed rate to its highest level in a year and adding more pressure on homebuyers.

The average 30-year fixed-rate mortgage reached 6.66% as of July 30, up from 6.58% a week earlier, according to Freddie Mac. The average 15-year fixed rate increased to 6.04% from 5.96%. A year earlier, the averages stood at 6.72% and 5.85%, respectively.

Because Friday lender rate sheets were not yet broadly available early July 31, Freddie Mac’s Thursday report remains the latest national benchmark. The figures are weekly averages based on thousands of mortgage applications submitted by lenders from the previous Thursday through Wednesday. They are not guaranteed quotes for every borrower.

The 30-year average is now at its highest level since July 31, 2025, when it stood at 6.72%. Rates had briefly fallen below 6% in late February 2026, but that relief did not last as inflation concerns returned and long-term bond yields climbed.

The supplied FRED chart puts today’s rate in a wider historical context. Mortgage costs remain far below their early-1980s peak, but they are still well above the unusually low rates available during 2020 and 2021.

Mortgage Rate History․  Source: FRED

Treasury Yields Keep Borrowing Costs High

Mortgage rates do not move directly with the Federal Reserve’s overnight interest rate. Lenders pay closer attention to longer-term bond markets, especially the 10-year Treasury yield, when pricing home loans.

The official 10-year Treasury yield closed at 4.68% on July 30, up from 4.48% at the start of the month. The supplied one-year chart showed the yield near 4.651% at 1:59 a.m. EDT Friday, indicating that long-term borrowing costs remained elevated.

Treasury Yield Trend․ Source: CNBC

The Federal Reserve held its federal funds target range at 3.5% to 3.75% on July 29. The decision passed by a 9-3 vote, with three policymakers favoring a quarter-point increase. The Fed said inflation remained above its 2% goal, partly because of supply shocks and higher energy prices.

At 6.66%, principal and interest on a $400,000, 30-year mortgage would be about $2,571 a month. At last week’s 6.58% rate, the payment would have been about $2,549. The weekly increase adds roughly $21 a month, excluding property taxes, insurance, mortgage insurance and lender fees.

The recent rate climb is already affecting demand. Total mortgage applications fell 6.4% in the latest week as some buyers and homeowners stepped back from purchase and refinancing plans.

Mortgage rates could ease if inflation slows and Treasury yields decline. However, stronger economic data, higher energy costs or more signs that the Fed may raise rates could keep the 30-year average near its current level or push it higher.