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last mo.

U.S. Mortgage Rates Slip to Just Under 7% as Fed Holds Rates Steady

The average 30-year fixed mortgage rate eased to 6.90% on July 17, reflecting the Fed’s decision to keep policy rates unchanged.

Unexpected and costly repairs to Jesús Hernández's home's floors and bathrooms drained his savings just as the variable rate on his mortgage began climbing.
FILE - A sale sign stands outside a home in Wyndmoor, Pa., Wednesday, June 22, 2022. The National Association of Realtors has agreed on Friday, March 15, 2024, to pay $418 million and change its rules to settle lawsuits claiming homeowners have been unfairly forced to pay artificially inflated agent commissions when they sold their home. (AP Photo/Matt Rourke, File)
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Overview

  • Refinance rates dipped by 1 basis point to 7.09%, ending a recent three-day climb and retreating from a one-month high.
  • Mortgage borrowing costs have remained above 6% for nearly three years after surging to 8% in late 2023, limiting relief for homebuyers.
  • Adjustable-rate mortgages now account for more than a quarter of new conventional loans, up from under 8% in early 2021.
  • The Federal Reserve has paused rate cuts through four meetings in 2025 and is not expected to lower its benchmark until at least September.
  • Homeowners who locked in rates above 6% in 2022–23 continue to face minimal refinancing gains, fueling widespread borrower frustration.