Mortgage Rates Surge to Year-long High for Fifth Week

WHO:

Fox Business - Freddie Mac is the mortgage buyer reporting the mortgage rates.

ABC News - Sam Khater is the chief economist at Freddie Mac.

ABC News - Danielle Hale is the chief economist at Realtor.com.

WHAT:

Fox Business - The average rate on the benchmark 30-year fixed mortgage climbed to 6.69% from 6.66%.

ABC News - The average long-term U.S. mortgage rate rose for a fifth consecutive week to 6.69%.

ABC News - The average rate on a 15-year fixed mortgage fell to 6.01% from 6.04%.

ABC News - The average rate on a 30-year loan was 6.63% a year ago.

ABC News - The 10-year Treasury yield was 4.65% as of midday Thursday.

WHERE:

ABC News - The report pertains to the U.S. housing market.

WHEN:

ABC News - The current mortgage rates have not been higher than 6.69% since late July in 2025.

ABC News - A year ago, the average rate on a 15-year fixed mortgage was 5.75%.

WHY:

Fox Business - Mortgage rates are influenced by several factors, including the Federal Reserve and geopolitics.

ABC News - Higher mortgage rates can add hundreds of dollars a month in costs for borrowers, limiting homebuyers’ purchasing power.

ABC News - The U.S. war with Iran has fueled expectations for hotter inflation as crude oil prices soared.

HOW:

Fox Business - Mortgage rates closely track the 10-year Treasury yield.

ABC News - Mortgage rates generally follow the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans.

(UPDATED August 7, 2026 00:59 UTC)

The average rate on the benchmark 30-year fixed mortgage has climbed to 6.69%, marking the fifth consecutive week of increases, according to Freddie Mac, with Sam Khater serving as their chief economist. Meanwhile, the average rate on a 15-year fixed mortgage has decreased slightly to 6.01%, down from 6.04%. These rising mortgage rates, influenced by factors like the Federal Reserve and geopolitical tensions, can significantly impact borrowers, potentially adding hundreds of dollars to monthly costs and limiting homebuyers' purchasing power.