US Mortgage Rates Climb to 6.49%, Straining Homebuyers' Budgets

WHO:

ABC News - Freddie Mac, National Association of Realtors (NAR), President Trump

CNN - Kara Ng, Lawrence Yun, Zillow

Yahoo Finance - Joel Berner, Realtor.com

AP News - Lawrence Yun, National Association of Realtors (NAR)

WHAT:

ABC News - The average long-term U.S. mortgage rate rose to 6.49% from 6.43%.

ABC News - The average rate on a 15-year fixed-rate mortgage increased to 5.82% from 5.79%.

CNN - The average 30-year fixed mortgage was reported at 6.49%.

Yahoo Finance - The average 30-year mortgage rate was 6.49% through Wednesday.

AP News - Existing home sales fell 2.4% in June from May to a seasonally adjusted annual rate of 4.09 million units.

AP News - The U.S. median sales price increased 1.8% in June to $440,600, an all-time high.

WHERE:

ABC News - United States

CNN - United States

Yahoo Finance - United States

AP News - United States

WHEN:

CNN - A bipartisan housing bill is set to automatically become law at midnight on Friday into Saturday.

AP News - The sales data reflects June's performance.

WHY:

ABC News - Rising mortgage rates are reducing purchasing power for homebuyers.

CNN - The war with Iran and inflation fears have kept mortgage rates high.

AP News - Higher oil prices and inflation expectations have pushed up long-term bond yields, causing mortgage rates to climb.

HOW:

ABC News - Mortgage rates are influenced by the Federal Reserve’s interest rate policy and bond market expectations.

CNN - The housing bill aims to boost supply and ease affordability strain by making it easier to add manufactured homes and offering grants for repairs.

(UPDATED July 9, 2026 22:22 UTC)

The average long-term U.S. mortgage rate has risen to 6.49%, up from 6.43%, while the average rate on a 15-year fixed mortgage increased to 5.82%. Existing home sales fell by 2.4% in June, reflecting a seasonally adjusted annual rate of 4.09 million units, and the U.S. median sales price reached an all-time high of $440,600, marking a 1.8% increase. A bipartisan housing bill is set to automatically become law at midnight on Friday into Saturday, aiming to boost supply and ease affordability strain for homebuyers.