U.S. mortgage rates climbed to their highest level in about a year for the week ending July 24, according to data from the Mortgage Bankers Association (MBA). The 30-year fixed mortgage rate rose to 6.76%, up from 6.69% the previous week, while the 15-year rate increased to 6.15% from 6.04%.
30-year mortgage rate for week ending July 24, highest since August 2025
Joel Kan, vice president and deputy chief economist at the MBA, said the 30-year rate reached its highest level since August 2025. He attributed the increase to rising oil prices last week.
The rising interest rate trend continues to significantly affect refinancing applications.
The higher rates weighed on mortgage demand. Total mortgage applications fell 6.4% week-over-week, with purchase applications down 4% and refinancing applications plunging 10%, according to the MBA's survey. Kan noted that high interest rates increase housing affordability issues for many buyers.
Other reports offer slightly different figures. Bloomberg reported the 30-year mortgage rate at 6.66%, attributing the rise to climbing Treasury yields and the Federal Reserve's decision. The discrepancy may be due to different survey methodologies or timing. Bloomberg also characterized the increase as a 12-month high, while the MBA described it as the highest since August 2025—about 11 months ago.
The last time mortgage rates were at these levels was in August 2025, when the 30-year fixed rate reached a previous high point. A separate report cited war and inflation concerns as drivers of the rise.