US 30-Year Mortgage Rate Climbs to One-Year High

The average contract rate for a 30-year fixed mortgage in the US climbed 7 basis points to 6.76% in the week ending July 24, 2026, marking its highest level since August 2025, according to the Mortgage Bankers Association.

The increase tracked a rise in Treasury yields as persistent inflation concerns continued to pressure bond markets, reducing expectations for lower borrowing costs in the near term.

Mortgage rates have climbed nearly 70 basis points since the US and Israel launched strikes against Iran in late February, as higher oil prices fueled inflation fears.

While energy prices eased in June, renewed hostilities have revived expectations that the Federal Reserve will keep interest rates higher for longer.

Higher borrowing costs continued to weigh on housing demand.

Total mortgage applications fell 6.4% from the previous week, with purchase applications declining 3.6% and refinancing activity dropping 9.9%.

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