Mortgage rates this week

Mortgage rates hardly moved last week, and market insecurity makes it highly unlikely that central bankers will vote to change borrowing rates at their next meeting on July 29-30.

The 30-year fixed-rate mortgage averaged 6.85% APR, up one basis point 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 5.91% APR, down three basis points from the previous week's average.
The 5-year adjustable-rate mortgage averaged 7.42% APR, down three basis points from the previous week's average.

Fixed mortgage rates are currently sitting very close to where they were at the end of June. If the Federal Reserve acts as expected and votes to hold borrowing rates steady, we can probably expect to see similar rates in August, too.

One thing to watch for is the White House’s August 1 tariff deadline. With a week to go, it’s still not exactly clear how President Trump’s strategy might unfold. This kind of uncertainty keeps mortgage rates steady, since central bankers won’t want to further rock the boat by altering the overnight borrowing rate.

July mortgage rate forecast

Mortgage rates are rising in July, reversing the gradual drop we saw in June.

The June CPI report seemed to show the early effects of tariffs, and financial markets do not expect the Federal Reserve to cut short-term interest rates at its July 29-30 meeting. Those two factors, as well as a surprisingly strong labor market, seem to be putting a floor beneath mortgage rates.

The Mortgage Bankers Association predicts that mortgage rates won't change much over the next three months. The trade association forecasts that the 30-year mortgage will average 6.8% from July through September, about the same as the average from April through June.

Mortgage securitizer Fannie Mae expects mortgage rates to drop in the third quarter, averaging 6.6%.

Both organizations predict mortgage rates to decline gradually through the first half of 2026.

» MORE: Is it a good time to buy a house? Here's what to consider.

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