30-Year Mortgage Rates Hit 11-Month High at 6.55%

The average interest rate for a 30-year fixed mortgage has surged to 6.55% for the week ending July 16, marking an 11-month high. This increase, up 6 basis points from 6.49% the previous week, is attributed to rising energy prices and bond yields influenced by ongoing geopolitical tensions. For a median-priced home of $429,500, a 20% down payment of $85,900 results in a loan amount of $343,600. At the current 6.55% rate, the monthly principal and interest payment is approximately $2,183, a $13 increase from the prior week's $2,170.

Compared to the average rate of 6.75% observed in July 2025, which would have necessitated a monthly payment of $2,229 for the same loan amount, today's buyers are saving about $46 per month. This indicates that despite the recent rate hike, current conditions are still more favorable than those experienced last year.

For buyers utilizing FHA loans with a 3.5% down payment, the financial impact is also notable. On a $429,500 home, a 3.5% down payment amounts to $15,032.50, leading to a financed amount of approximately $414,468. The monthly principal and interest payment at 6.55% is now around $2,633, a $16 rise from last week's $2,617. When contrasted with the 6.75% rates from July 2025, where the payment for a similar loan was $2,688, FHA borrowers are currently saving approximately $55 monthly.

These figures exclude additional costs such as property taxes, homeowners insurance, and mortgage insurance. The data was compiled using Realtor.com's mortgage calculator and reflects principal and interest payments only. Freddie Mac reported the weekly average rates.