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Mortgage rates climb to highest level in a year
Five months into the war in Iran, rising oil prices and stubborn inflation are driving mortgage rates to the highest level in a year.
The average 30-year fixed mortgage rate climbed to 6.66% this week, the highest since July of last year, according to Freddie Mac. Thatâs up from 6.58% last week, marking the biggest one-week jump in mortgage rates in 10 weeks.
Just a few months ago, mortgage rates dipped below 6% for the first time in years, fueling hopes that lower borrowing costs would revive the sluggish housing market.
But since the US and Israel began joint strikes on Iran in February, investors have grown increasingly concerned that higher energy prices will keep inflation elevated.
Mortgage and refinance rates today, Monday, August 3, 2026: Still hovering around 6.5%
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According to rates from the Zillow lender marketplace, current mortgage rates and refinance rates for Monday, August 3, 2026, are mixed.
The current 30-year purchase fixed rate today is 6.65%, 8 basis points higher than the current refinance rate. The 15-year fixed purchase rate of 6.01% is even with the 15-year refi rate. The 5/1 ARM purchase rate of 6.65% is 3 basis points lower than the 5/1 refi rate.
Read more: Weekly survey of mortgage lenders with the lowest rates: Pushing higher
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Pending home sales down in the U.S., Utah
Pending home sales in the U.S. are down, recently hitting the lowest level since early April.
In the four weeks ending July 26, the number of seasonally adjusted sales pending nationwide was at 322,739 after a steady decline, new data from the online real estate brokerage Redfin shows.
In just the last week of that time period, sales were down 1.7%.
The drop is due at least in part to rising mortgage rates, Redfin posted. The weekly average rate for a 30-year fixed-rate mortgage in the U.S. climbed to 6.66% as of Thursday, according to the Federal Home Loan Mortgage Corporation, better known as Freddie Mac.
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