Current Mortgage Rates Hit 6-Month Low—Lock In a Lower Payment Today

U.S. mortgage borrowers woke up today to another bump in borrowing costs. According to Bankrate’s daily survey, the national average for a 30-year fixed-rate mortgage climbed to 6.76 percent on Thursday, July 30, 2026, up 11 basis points from a week ago. Freddie Mac’s weekly Primary Mortgage Market Survey, released earlier, also shows the 30-year rate near a one-year high at 6.58 percent for the week ending July 23. Highlights • 30-year fixed: 6.76 % (Bankrate national average) • 15-year fixed: 6.11 % • 30-year FHA: 6.46 % • 30-year VA: 6.50 % • Average 30-year refinance rate: 6.84 % Why rates keep rising Treasury yields: The 10-year Treasury note has hovered near 4.7 percent this week, and mortgage rates typically track that benchmark. Fed policy: While the Federal Reserve held its policy rate steady yesterday, officials signaled another hike may arrive in September if inflation stays stubborn, pressuring longer-term financing costs. Inflation & oil prices: June’s CPI cooled to 3.5 percent year-over-year, but energy-driven price spikes and Middle-East unrest have markets bracing for stickier inflation through summer. What it means for home buyers • Affordability squeeze: Each quarter-point move in rates adds roughly $80 to the monthly payment on a $350,000 loan. • Tight inventory: Higher financing costs haven’t translated into lower home prices; the median existing-home price hit a record $440,600 in June. • Credit matters more: Lenders reserve their best quotes for FICO scores above 740 and debt-to-income ratios below 36 percent. Money-saving strategies 1. Shop at least three lenders the same day; Bankrate data show 87 percent of borrowers overpaid by sticking with one offer. 2. Buy points only if you’ll keep the mortgage seven years or longer; otherwise the upfront cost rarely pencils out. 3. Consider a 15-year fixed or 5/1 ARM if you can handle bigger payments or expect to move before the first rate reset. Outlook Most economists now see the 30-year fixed hovering between 6.5 and 7 percent through year-end, with sustained relief unlikely until core inflation retreats closer to the Fed’s 2 percent goal. For now, locking a rate as soon as you have a signed purchase agreement remains the safest play in a volatile summer market.