Mortgage Rates Edge Up to 6.58%, Pushing Monthly Payments $65 Higher Than Last Year
MarketsFN Data Team
The 30-year fixed mortgage rate rose 3 basis points this week to 6.58%, squeezing affordability as the monthly payment on a $400,000 loan now tops $2,549.
Today’s rate remains above the 3-month (6.45%) and 1-year averages (6.32%) and well above the 5-year norm (6.06%). While below the 52-week high (6.74%), it’s far costlier than last July’s low (5.98%) — adding $65/month to a $400k mortgage versus a year ago ($2,484).
Rates are climbing alongside the 10-year Treasury yield (4.61%), with the mortgage-Treasury spread holding steady at 1.97 percentage points, reflecting persistent lender caution. The Fed’s 3.63% policy rate continues to anchor borrowing costs, but inflation fears keep upward pressure on long-term rates.
Watch for July jobs data next week — stronger hiring could push rates higher, while weak numbers may ease them. Seasonal inventory shifts and Fed commentary on rate cuts will also influence direction.
Key Statistics at a Glance
| Week ending | July 30, 2026 |
| 30Y Fixed Rate | 6.58% |
| WoW change | ▲ 3.0 bps |
| YTD change | +42.0 bps |
| 15Y Fixed Rate | 5.96% |
| 15Y WoW | ▲ 3.0 bps |
| 3-month average | 6.45% |
| 1-year average | 6.32% |
| 5-year average | 6.06% |
| 52-week high | 6.74% |
| 52-week low | 5.98% |
| Fed Funds Rate | 3.63% |
| 10Y Treasury | 4.61% |
| Mortgage–10Y Spread | 1.97 pp |
| Monthly pmt $400k/30Y | $2,549 |
| vs 1 year ago | ▲ $65/month |
