Current U.S. mortgage rates remained high Monday, keeping borrowing costs near their highest level in almost a year. At the same time, rising Treasury yields and uncertainty ahead of this week’s Federal Reserve meeting continued to shape the outlook for home loans.
Bankrate put the national average 30-year fixed mortgage rate at 6.75%, up 0.12 percentage points from a week earlier. The average 15-year fixed rate stood at 6.10%. Meanwhile, 30-year FHA loans averaged 6.43%, VA loans averaged 6.49%, and jumbo loans averaged 6.73%.
These figures are national averages, not guaranteed offers from lenders. Actual mortgage quotes can 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 come to about $2,594. That total does not include property taxes, homeowners insurance or other housing costs.
Freddie Mac Shows Rates Near a One-Year High
Freddie Mac’s latest weekly survey showed the average 30-year fixed mortgage rate at 6.58% as of July 23, up from 6.55% a week earlier. 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. However, 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 comes down to timing and methodology. Freddie Mac publishes a weekly survey based on mortgage applications submitted to lenders. Bankrate updates its national averages more frequently, so its figures can react faster to changes in the bond market.
The Mortgage Bankers Association reported another widely followed measure. Its survey placed 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 Keep Mortgage Rates Elevated
Mortgage rates have 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%.
That matters because lenders often use the bond market as a guide when setting mortgage rates. Home loans compete with Treasury securities and mortgage-backed bonds for investor demand. When Treasury yields rise, mortgage rates often follow.
The Federal Reserve does not set mortgage rates directly. Still, 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.
Buyers Return Despite Higher Borrowing Costs
Even with rates near recent highs, mortgage demand improved. Total 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.
Meanwhile, new single-family home sales rose 1.6% in June to an annual rate of 628,000. Even so, 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.
Mortgage rates could remain volatile this week as investors react to the Fed’s decision, inflation concerns and moves in the 10-year Treasury yield. A sustained drop in bond yields could give lenders room to lower borrowing costs. However, another rise in yields would likely keep the 30-year fixed rate close to its current range.
