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Mortgage rates hit a new high for 2026, marching closer to 7%
- The average 30-year fixed mortgage rate rose to 6.71% this week, according to Freddie Mac, marking the highest level since July 2025.
- A global bond market sell-off, driven by concerns over the Iran conflict and inflation, pushed the 10-year Treasury yield to its highest level since October 2023.
- Pending home sales dropped in July to their weakest level since the start of the year, according to the National Association of Realtors.
- With mortgage rates marching toward 7%, refinance activity has cooled, according to WSFS Bank's Jeffrey Ruben, as homeowners struggle to lower borrowing costs.
- Redfin economist Chen Zhao expects mortgage rates to remain in the mid- to upper-6% range for the rest of the year, as rising yields impact auto loans and other borrowing.
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Mortgage rates hit a new high for 2026, marching closer to 7%
The global sell-off in the bond market is hitting the housing market, with US mortgage rates surging to their highest level of the year. That’s putting fresh pressure on home shoppers and homeowners hoping to refinance.
·Atlanta, United States
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Total News Sources1
Leaning Left1Leaning Right0Center0Last UpdatedBias Distribution100% Left
Bias Distribution
- 100% of the sources lean Left
100% Left
L 100%
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