Mortgage rates climb to 6.49%, adding $41 to monthly payments on a $400k loan
MarketsFN Data Team
The 30-year fixed mortgage rate rose 6 basis points this week to 6.49%, pushing the monthly payment on a $400,000 loan to $2,526 — $41 higher than a year ago as borrowing costs continue their upward trend.
At 6.49%, today's rate sits above the 3-month (6.42%) and 1-year averages (6.33%), and well above the 5-year norm of 6.03%. Rates remain below the 52-week high of 6.75% but have climbed significantly from last year's low of 5.98%. The $2,526 monthly payment on a $400k loan now costs borrowers $492 more annually than at last July's rates.
Mortgage rates are being pushed higher by the 10-year Treasury yield's rise to 4.58%, coupled with a stubbornly wide mortgage-Treasury spread of 1.91 percentage points. This reflects lenders' continued caution despite the Fed holding rates steady at 3.63%, suggesting persistent inflation concerns in the housing finance market.
Next week, watch for Fed commentary on inflation and Friday's PCE price index — the central bank's preferred inflation gauge. Stronger-than-expected data could push rates toward the 52-week high, while softer numbers may offer relief to prospective buyers.
Key Statistics at a Glance
| Week ending | July 16, 2026 |
| 30Y Fixed Rate | 6.49% |
| WoW change | ▲ 6.0 bps |
| YTD change | +33.0 bps |
| 15Y Fixed Rate | 5.82% |
| 15Y WoW | ▲ 3.0 bps |
| 3-month average | 6.42% |
| 1-year average | 6.33% |
| 5-year average | 6.03% |
| 52-week high | 6.75% |
| 52-week low | 5.98% |
| Fed Funds Rate | 3.63% |
| 10Y Treasury | 4.58% |
| Mortgage–10Y Spread | 1.91 pp |
| Monthly pmt $400k/30Y | $2,526 |
| vs 1 year ago | ▲ $40/month |
