U.S. mortgage rates remained elevated Monday, with the national average 30-year fixed rate at 6.75% according to Bankrate, up 0.12 percentage points from the previous week. The sustained high borrowing costs reflected rising Treasury yields and uncertainty ahead of the Federal Reserve's meeting scheduled for Tuesday and Wednesday. Mortgage rates have tracked near their highest level in almost a year as the 10-year Treasury yield climbed to 4.69% on Friday from 4.50% on July 21, with lenders using bond market movements as a guide for setting home loan rates.
Bankrate reported the national average 30-year fixed mortgage rate at 6.75% on Monday. The average 15-year fixed rate stood at 6.10%. FHA loans averaged 6.43%, VA loans averaged 6.49%, and jumbo loans averaged 6.73%. These figures represent national averages and are not guaranteed offers from lenders. Actual mortgage quotes vary based on credit score, down payment, loan size, property type, and whether the borrower pays discount points. At a 6.75% rate, the monthly principal-and-interest payment on a $400,000, 30-year mortgage would total approximately $2,594, excluding property taxes, homeowners insurance, and other housing costs.
Freddie Mac Reports 30-Year Rate at 6.58% as of July 23
Freddie Mac's weekly survey showed the average 30-year fixed mortgage rate at 6.58% as of July 23, up from 6.55% the previous week. The average 15-year fixed rate rose to 5.96% from 5.93%. The 30-year rate reached its highest point in nearly a year, though it remained below the 6.74% average recorded during the same week in 2025. The difference between Freddie Mac's 6.58% reading and Bankrate's 6.75% average stems from timing and methodology—Freddie Mac publishes a weekly survey based on mortgage applications submitted to lenders, while Bankrate updates its national averages more frequently.
The Mortgage Bankers Association reported the average rate for conforming 30-year fixed loans at 6.69% during the week ended July 17. Jumbo mortgages averaged 6.44%, FHA loans averaged 6.34%, 15-year fixed loans averaged 6.04%, and 5/1 adjustable-rate mortgages averaged 5.97%.
Treasury Yields Rise to 4.69%, Influencing Mortgage Rate Trajectory
Mortgage rates moved higher alongside long-term Treasury yields. The 10-year Treasury yield ended Friday at 4.69%, up from 4.50% on July 21. The 30-year Treasury yield stood at 5.18%. Lenders often use the bond market as a guide when setting mortgage rates, as home loans compete with Treasury securities and mortgage-backed bonds for investor demand. When Treasury yields rise, mortgage rates typically follow. The Federal Reserve does not set mortgage rates directly, but its decisions can move Treasury yields and affect lenders' funding costs. The Fed currently holds its benchmark rate in a range of 3.5% to 3.75% and will meet Tuesday and Wednesday.
Mortgage Applications Increase 1.9% Despite Elevated Rates
Total mortgage applications rose 1.9% in the latest MBA survey. Purchase applications increased 6%, while refinance demand fell 2%. Adjustable-rate mortgages made up 7.7% of total activity as some borrowers searched for lower initial payments. New single-family home sales rose 1.6% in June to an annual rate of 628,000, though sales remained 5.6% below their level a year earlier. The median new-home price fell to $398,300, while supply stood at 9.3 months at the current sales pace.
FAQ
What is the current average 30-year fixed mortgage rate in the U.S.?
Bankrate reported the national average 30-year fixed mortgage rate at 6.75% on Monday, up 0.12 percentage points from the previous week. Freddie Mac's survey showed the rate at 6.58% as of July 23.
Why did U.S. mortgage rates rise this week?
Mortgage rates moved higher alongside rising Treasury yields. The 10-year Treasury yield climbed to 4.69% on Friday from 4.50% on July 21, and lenders use bond market movements as a guide when setting home loan rates.
How much did mortgage applications increase in the latest survey?
Total mortgage applications rose 1.9% in the latest Mortgage Bankers Association survey. Purchase applications increased 6%, while refinance demand fell 2%.
