FX.co ★ US 30-Year Mortgage Rate Inches Higher

The average rate on a 30-year fixed mortgage edged up by 6 basis points to 6.55% as of July 16, 2026, from 6.49% the previous week, marking a third consecutive weekly increase, according to data from Freddie Mac.

“Purchase application demand has weakened recently,” said Sam Khater, Freddie Mac’s Chief Economist. “Although housing affordability is more favorable and housing inventory continues to rise, the backdrop for prospective homebuyers is modestly improving.”

Contracts to purchase existing US homes declined in June as elevated mortgage rates continued to weigh on buyer demand, though they remained above levels recorded at the start of the year. At the same time, minutes from the Federal Open Market Committee’s June meeting showed that only a few policymakers favored an additional rate hike, although renewed hostilities in the Middle East could reinforce inflation concerns. Financial markets continue to price in at least one Federal Reserve rate increase by the end of 2026.