US Mortgage Rates Surge to Nearly One-year High at 6.55%
WHO:
ABC News - Freddie Mac reported the mortgage rates.
CNN - Lawrence Yun, chief economist of the National Association of Realtors (NAR), commented on the housing market.
CNN - Kara Ng, a senior economist at Zillow, provided insights on mortgage rates.
WHAT:
ABC News - The average rate on a 30-year mortgage is now the highest it's been since August 28, when it was at 6.56%.
ABC News - A year ago, the average rate on a 15-year fixed-rate mortgage was at 5.92%.
CNN - The average price for gas surged 15 cents in a week to $3.94 a gallon.
CNN - Zillow expects mortgage rates to drift lower to 6.4% by the end of 2026, which would still be higher than where rates ended last year.
ABC News - The average long-term U.S. mortgage rate rose to 6.55%, the highest level in nearly a year.
ABC News - The benchmark 30-year fixed mortgage rate increased from 6.49% last week.
ABC News - The average rate on a 15-year fixed-rate mortgage rose to 5.93% from 5.82% last week.
CNN - Pending home sales in June fell by 5.4% month-over-month and by 0.3% year-over-year.
CNN - Mortgage applications fell 7% last week and were 2% lower than the previous year.
CNN - Zillow expects mortgage rates to drift lower to 6.4% by the end of 2026.
WHERE:
ABC News - The information pertains to the U.S. housing market.
WHEN:
ABC News - The average mortgage rate was reported on a Thursday.
CNN - The mortgage rate increase occurred after renewed strikes in Iran.
CNN - The average mortgage rate briefly fell below 6% in February.
CNN - The annual inflation rate was 3.5% in June, compared to 4.2% in May.
WHY:
CNN - The law aimed at housing affordability does not address mortgage rates, which are set by the bond market.
CNN - President Trump objected to the housing bill, stating it was “of minor importance compared to lower interest rates.”
ABC News - Higher mortgage rates are influenced by the Federal Reserve’s interest rate policy and bond market expectations for the economy and inflation.
ABC News - The war with Iran has driven higher crude oil prices, increasing expectations of inflation.
CNN - Renewed fighting in the Middle East has pushed bond yields and mortgage rates higher due to concerns about elevated oil prices and inflation.
HOW:
ABC News - Mortgage rates generally follow the trajectory of the 10-year Treasury yield.
ABC News - The 10-year Treasury yield was 4.57% at midday Thursday, up from 4.54% the previous week.
(UPDATED July 16, 2026 20:17 UTC)
The average rate on a 30-year mortgage has reached its highest level since August 28, now sitting at 6.56%, while a year ago, the average rate for a 15-year fixed-rate mortgage was 5.92%. In related news, the average price for gas has surged 15 cents in just one week, now costing $3.94 a gallon. President Trump has voiced his objections to a housing affordability bill, claiming it is “of minor importance compared to lower interest rates,” as Zillow predicts mortgage rates could drift down to 6.4% by the end of 2026, still higher than last year's rates.
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(UPDATED July 16, 2026 18:23 UTC)
Mortgage rates in the U.S. have reached their highest level in nearly a year, with the average long-term rate now at 6.55%, up from 6.49% last week, while the 15-year fixed-rate mortgage increased to 5.93%. Pending home sales dropped by 5.4% month-over-month in June, and mortgage applications fell by 7% last week, reflecting the impact of higher rates influenced by the Federal Reserve's policies and rising crude oil prices due to renewed fighting in the Middle East. Looking ahead, Zillow anticipates that mortgage rates may decline to 6.4% by the end of 2026.