Mortgage Rates Climb to 6.55%, Adding $56 to Monthly Payments on $400k Loan
MarketsFN Data Team
The 30-year fixed mortgage rate rose 6 basis points this week to 6.55%, pushing the monthly payment on a $400,000 loan to $2,541 — $56 higher than a year ago as borrowing costs continue to squeeze buyers.
Today's 30-year rate sits above the 3-month (6.43%) and 1-year averages (6.33%), and well above the 5-year average of 6.05%. Rates remain within their 52-week range (5.98%-6.75%), but the $2,541 monthly payment on a $400k loan highlights how quickly affordability has eroded compared to last year's $2,485 equivalent.
Rates are rising alongside the 10-year Treasury yield (4.63%), with the mortgage-Treasury spread holding steady at 1.92 percentage points — reflecting persistent lender caution. The Fed's 3.63% policy rate continues to anchor borrowing costs, keeping upward pressure on mortgages even as inflation cools modestly.
Next week, watch for Fed commentary on rate-cut timing and June PCE inflation data — any surprises could swing Treasury yields. With summer inventory typically peaking, rate volatility may intensify competition for scarce affordable homes.
Key Statistics at a Glance
| Week ending | July 23, 2026 |
| 30Y Fixed Rate | 6.55% |
| WoW change | ▲ 6.0 bps |
| YTD change | +39.0 bps |
| 15Y Fixed Rate | 5.93% |
| 15Y WoW | ▲ 11.0 bps |
| 3-month average | 6.43% |
| 1-year average | 6.33% |
| 5-year average | 6.05% |
| 52-week high | 6.75% |
| 52-week low | 5.98% |
| Fed Funds Rate | 3.63% |
| 10Y Treasury | 4.63% |
| Mortgage–10Y Spread | 1.92 pp |
| Monthly pmt $400k/30Y | $2,541 |
| vs 1 year ago | ▲ $57/month |
