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U.S. 30-Year Mortgage Rates Tick Up to 6.86%

Freddie Mac’s weekly reading remains under 7%, reflecting higher borrowing costs driven by rising Treasury yields.

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Overview

  • The average rate on new 30-year fixed mortgages rose two basis points to 6.86% on July 24, according to Zillow Mortgage API data.
  • Rates declined for several other loan types, with FHA 30-year fixed at 7.55%, 15-year fixed at 5.87%, jumbo 30-year fixed at 6.77% and 5/6 ARMs at 7.37%.
  • Freddie Mac reported its weekly average for 30-year fixed mortgages climbed three basis points to 6.75%.
  • Current 30-year rates remain well below the 7.15% level recorded six weeks ago and the 8.01% peak in late 2023.
  • Mortgage costs continue to respond to bond market movements, Federal Reserve policy and lender competition, highlighting the value of shopping around for the best rate.