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US Mortgage Rates Hit New 2026 High, Nearing 7%

The average 30-year fixed mortgage rate climbed to 6.71% this week, its highest level since July 2025, according to Freddie Mac.

,   and  TIPP Staff
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US mortgage rates soar to a new high for the year, closing in on 7%. Pic via(@CNN)

US mortgage rates have reached their highest level of 2026, moving closer to 7% as rising Treasury yields push borrowing costs higher.

The average 30-year fixed mortgage rate climbed to 6.71% this week, its highest level since July 2025, according to Freddie Mac.

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A global bond market sell-off, fueled by concerns over the Iran conflict and persistent inflation, pushed the 10-year Treasury yield to its highest level since October 2023. Higher Treasury yields typically put upward pressure on mortgage rates.

The increase is already weighing on the housing market. Pending home sales fell in July to their weakest level of the year, while refinancing activity has slowed as homeowners find fewer opportunities to reduce borrowing costs.

Redfin economist Chen Zhao expects mortgage rates to remain in the mid- to upper-6% range through the end of 2026. Higher rates could also increase borrowing costs for consumers through auto loans and other forms of credit.

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tippinsightsTIPP Staff

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