Back to today’s briefing

Story perspectives

30-Year Mortgage Rate Hits 6.58%, Highest Since 2025

7/23/2026

50 8 Full Breakdown

Summary

Story summary

The average 30-year fixed mortgage rate rose to 6.58% in the week ending July 23, its highest since August 2025.
It climbed from 6.55% the week before, marking a third consecutive weekly rise.
Higher rates and rising gas prices are straining buyers and slowing the housing market, according to Bright MLS chief economist Lisa Sturtevant.
A $500,000 loan at 6.58% adds about $195 to the monthly payment versus a 5.98% rate.

History

Historical Context

Facing 13.5% inflation in 1980, the Federal Reserve under Paul Volcker pushed the federal-funds rate from about 11% in 1979 to 20% by June 1981, a move that deepened the brief 1980 recession and a downturn in housing. Bright MLS chief economist Lisa Sturtevant notes today’s 6.58% rate revives that early-1980s borrower pressure.

1 of 2

Story summary

The average 30-year fixed mortgage rate rose to 6.58% in the week ending July 23, its highest since August 2025.
It climbed from 6.55% the week before, marking a third consecutive weekly rise.
Higher rates and rising gas prices are straining buyers and slowing the housing market, according to Bright MLS chief economist Lisa Sturtevant.
A $500,000 loan at 6.58% adds about $195 to the monthly payment versus a 5.98% rate.

1 / 2