Mortgage rates in the United States have risen to their highest level in nearly a year, according to Freddie Mac's latest Primary Mortgage Market Survey released on Thursday, July 16, 2026. The average rate on the benchmark 30-year fixed mortgage increased to 6.55%, up from last week's rate of 6.49%, marking the highest level since August 2025. For comparison, the average rate on a 30-year loan was 6.75% a year ago [1].
The survey also indicated that the average rate on a 15-year fixed mortgage rose to 5.93% from 5.82% the previous week [1]. Freddie Mac chief economist Sam Khater noted that while purchase application demand has weakened recently, housing affordability is more favorable and housing inventory continues to rise, suggesting a modestly improving backdrop for prospective homebuyers [1].
Mortgage rates are influenced by several factors, including the Federal Reserve and geopolitical developments. Although mortgage rates are not directly tied to the Fed's interest rate decisions, they tend to closely follow movements in the 10-year Treasury yield, which hovered around 4.57% as of Friday afternoon [1].
No specific market reactions or analyst forecasts beyond the comments from Freddie Mac's chief economist were provided in the article.
CONCLUSION
Mortgage rates have reached their highest point in nearly a year, potentially impacting homebuyer demand. However, rising housing inventory and improved affordability may offer some relief to prospective buyers. The market impact is medium, with the outlook described as modestly improving by Freddie Mac's chief economist.