US Mortgage Rates Hit Highest Level in a Year Amid Inflation Concerns
US mortgage rates have reached their highest level in a year, according to Freddie Mac's Primary Mortgage Market Survey. The average rate on a 30-year fixed mortgage rose to 6.66% for the week ending July 30.
This marks the highest reading since July 2025 as inflation concerns and Federal Reserve policy expectations continue to push long-term borrowing costs higher.
Data released by the US Bureau of Economic Analysis showed that the Personal Consumption Expenditures (PCE) price index, the Federal Reserve's preferred inflation gauge, slowed in June but remains above the central bank's 2% target.
Kate Wood, a lending expert at NerdWallet, stated that 'there's plenty of concern that inflation's running unchecked,' adding that worries over inflation and the conflict involving Iran have pushed Treasury yields higher and mortgage rates up with them.