30-Year Mortgage Rates Hit Highest Level in a Year

• July 31st

by UrbanTurf Staff

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Mortgage rates climbed for a fourth consecutive week on Thursday, with the average rate on a 30-year fixed mortgage rising to 6.66%, the highest rates have been since July 31, 2025. As recently as late February, the average had briefly dipped below 6% for the first time since late 2022 — underscoring just how quickly the rate environment has shifted over the past few months. 

The upward pressure on mortgage rates is being driven largely by the bond market. The 10-year Treasury yield, a key benchmark for mortgage pricing, was at 4.66% at midday Thursday — a sharp climb from 3.97% in late February. Fixed-rate 15-year loans, the go-to option for many refinancing homeowners, also moved higher this week, with the average rate increasing to 6.04% from 5.96%. 

The rate increases are already showing up in loan activity. Mortgage applications for both home purchases and refinances fell 6.4% last week compared to the week before, according to the Mortgage Bankers Association. MBA CEO Bob Broeksmit noted that while future economic data will continue to shape the rate outlook, elevated borrowing costs remain a significant hurdle for prospective buyers this summer.

This article originally published at https://dc.urbanturf.com/articles/blog/30-year_mortgage_rates_hit_highest_level_in_a_year/24873.