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Mortgage rates this week
Fixed mortgage rates rose just a little bit in the week ending July 25. Even so, it was the first time since February that the 30-year mortgage sat below 6.75% for two weeks in a row.
The 30-year fixed-rate mortgage averaged 6.69% APR, up two basis points from the previous week's average, according to rates provided to NerdWallet by Zillow. A basis point is one one-hundredth of a percentage point.
The 15-year fixed-rate mortgage averaged 5.9% APR, up one basis point from the previous week's average.
The 5-year adjustable-rate mortgage averaged 7.62% APR, down four basis points from the previous week's average.
Although mortgage rates move up and down day to day and week to week, the 30-year mortgage has gone down every month since April. Mortgage securitizer Fannie Mae expects mortgage rates to keep falling gradually through the end of 2025.
July mortgage rate forecast
It appears that mortgage rates peaked for the year in May. We won't know for sure until the end of December, but the trend has been downward.
Mortgage rates tend to drop when the inflation rate falls. If inflation continues to diminish in July, mortgage rates might keep trending slightly lower.
Home prices rise and fall seasonally, and they're usually highest in June. If mortgage rates go down this autumn as expected, the combination of lower home prices and interest rates could make homes a bit more affordable.
