Fed Holds Rates Steady as Mortgage Costs Skyrocket

The Federal Reserve has decided to hold interest rates steady at a range between 3.5 and 3.75 percent, making borrowing more expensive for consumers. This decision was announced on July 30, 2026.

According to Freddie Mac, the average 30-year fixed mortgage rate rose to 6.66 percent this week, reaching its highest level in a year. This increase in mortgage rates is likely to make it more difficult for people to purchase homes.