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Business

Freddie Mac says 30-year fixed mortgage rate reaches 11-month high

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First-time homebuyers get some relief, but affordability remains a challenge

Mortgage rates rose again this week and reached the highest level in nearly a year, mortgage buyer Freddie Mac said on Thursday.

Freddie Mac’s latest Primary Mortgage Market Survey showed the average interest rate on the benchmark 30-year fixed mortgage rose to 6.58% this week, up from 6.55% last week.

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This week’s reading is the highest in about 11 months, as the 30-year fixed mortgage rate was last at 6.58% on Aug. 21, 2025. At this time a year ago, the rate was 6.74%.

HOUSING AFFORDABILITY TO IMPROVE AS HOME PRICE GROWTH COOLS, REALTOR.COM FORECASTS

A home is seen in California with a an "open house" sign in front of it.

An “Open House” sign in front of a home for sale in the Woodland Hills neighborhood of Los Angeles, California on July 13, 2025.  (Eric Thayer/Bloomberg/Getty Images / Getty Images)

“The 30-year fixed-rate mortgage averaged 6.58% this week,” said Freddie Mac chief economist Sam Khater.

“As market conditions continue to evolve, borrowers should remember that shopping around for a mortgage rate can make a meaningful difference, potentially saving them thousands over the loan’s lifetime,” Khater added.

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The average rate on a 15-year fixed mortgage also moved higher to 5.96%, up from 5.93% last week. A year ago, the 15-year fixed mortgage had an average rate of 5.87%.

STARTER HOME AFFORDABILITY IS CRAWLING BACK. THESE REGIONS ARE BEST FOR FIRST-TIME BUYERS

Mortgage rates are affected by several factors, including the Federal Reserve and geopolitics. Though mortgage rates are not directly affected by the Fed’s interest rate decisions, they closely track the 10-year Treasury yield. The 10-year yield rose slightly to 4.699% as of Thursday afternoon.

“While mortgage rates remain elevated, homebuyers may be better served focusing on the full cost of homeownership rather than trying to guess where rates will be a few months from now,” said Jeff DerGurahian, chief investment officer and head economist at LoanDepot.

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“The tug-of-war between inflation and the renewed conflict between the U.S. and Iran is reflected in today’s rates, as higher oil prices raise concerns that elevated energy costs could filter into future inflation readings,” DerGurahian added.

RECORD DECLINE IN HOME ASKING PRICES OFFERS BUYERS AN AFFORDABILITY BOOST

home for sale

A “New Listing” sign outside a home in Napa, California, US, on Monday, May 6, 2024. (David Paul Morris/Bloomberg via Getty Images / Getty Images)

The latest mortgage data comes as conditions in the housing market have improved somewhat for buyers, many of whom have been on the sidelines as tight inventory has supported higher home prices and mortgage rates have held relatively steady.

Realtor.com recently released a midyear update to its 2026 housing market forecast that estimates home price growth will slow to 1.2% this year, a rate that’s slower than the original forecast for the year and is below the current pace of inflation. That means home prices would be effectively declining in real, inflation-adjusted terms.

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Why is Oshidori International stock surging today?

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Why is Oshidori International stock surging today?

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Trump administration unveils new tariffs on 60 partners

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Trump says Gorsuch and Barrett 'sicken' him after Supreme Court tariff ruling

The Trump administration is set to impose new tariffs of 10% and 12.5% on imports from 60 trading partners beginning Friday as a temporary global tariff expires.

The move comes after the Supreme Court in February struck down President Donald Trump‘s “reciprocal” tariffs of 10% to 50% that were imposed last year. In response, Trump implemented a temporary 10% global tariff under Section 122 of the Trade Act of 1974 that expires at 12:01 a.m. ET Friday.

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The Office of the U.S. Trade Representative announced Thursday that the new tariffs, imposed under Section 301 of the Trade Act of 1974, will take effect immediately after the temporary duties expire.

Canada, Mexico, India and the United Kingdom are among the trading partners that will face a 10% tariff.

TRUMP UNVEILS PHASED TARIFFS ON GENERIC DRUGS TO BOOST US PRODUCTION

President Trump speaks during White House press briefing.

President Donald Trump answers questions during a press briefing at the White House in Washington, D.C., on Feb. 20. The Supreme Court ruled the same day against his use of emergency powers to implement certain international trade tariffs. (Kevin Dietsch/Getty Images / Getty Images)

Taiwan and the European Union, meanwhile, are slated to face a 12.5% tariff.

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“The United States has had a forced labor import ban for nearly a century, and rigorously enforces it; it’s well past time for our trading partners to do the same,” U.S. Trade Representative Jamieson Greer said in a news release.

A senior administration official told Reuters the new tariffs are not intended to replace the expiring global duties despite taking effect at the same time.

TRUMP ADMINISTRATION WARNS EU’S $1B FINE AGAINST GOOGLE THREATENS US-EUROPEAN TRADE RELATIONSHIP

Trump introducing tariffs

U.S. President Donald Trump holds up a chart of “reciprocal tariffs” while speaking during a “Make America Wealthy Again” trade announcement event in the Rose Garden at the White House on April 2, 2025 in Washington, DC. (Chip Somodevilla/Getty Images / Getty Images)

The official argued that the United States enforces bans on goods made with forced labor more aggressively than any other country, putting American businesses at a competitive disadvantage.

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Many products will be exempt from the tariffs, including oil and gas, fertilizer, certain food products and goods already subject to Section 232 national security tariffs, including automobiles, steel, aluminum and copper.

The announcement follows a series of new trade actions unveiled by the Trump administration this week.

WHAT ARE THE MAIN STICKING POINTS IN THE TRUMP ADMIN’S TRADE NEGOTIATIONS WITH CANADA, MEXICO?

Scott Bessent and Donald Trump speak

U.S. Secretary of Treasury Scott Bessent and U.S. President Donald Trump look on during The White House Digital Assets Summit in the State Dining Room of the White House on March 7, 2025. (Photo by Anna Moneymaker/Getty Images / Getty Images)

On Tuesday, Trump announced imported generic drugs would remain tariff-free for two years before facing steep new duties, saying the move is intended to encourage pharmaceutical companies to manufacture more medicines in the United States.

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On Monday, Trump also announced a 50% tariff on certain Canadian imports, citing what officials described as trade “discrimination” against American businesses.

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Those duties are scheduled to take effect Aug. 19 under the Tariff Act of 1930 and apply to a range of Canadian imports, including certain food products, apparel, synthetic materials and industrial goods.

FOX Business’ Brittany Miller and Bonny Chu, along with Reuters, contributed to this report.

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Form 13D/A NOVAGOLD Resources Inc. For: 23 July

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Form 13D/A NOVAGOLD Resources Inc. For: 23 July

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Ermenegildo Zegna N.V. (ZGN) Q2 2026 Sales/Trading Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript