US mortgage rates climb to 6.5% as UK fixed rates drop to 5.5%

The average 30‑year mortgage rate in the United States rose to 6.50% at the end of the second week of July, up from 6.43% the previous week, according to Freddie Mac. The 15‑year rate also inched higher to 5.82% from 5.79%. Home‑price data from the National Association of Realtors showed a 1.8% year‑on‑year increase, with the median price reaching $440,660.

In the United Kingdom, Moneyfacts reported that fixed‑rate mortgages continued to fall. The two‑year and five‑year fixed rates each dropped to 5.52%, the lowest levels since March 2026, while the average new mortgage rate fell 0.12 percentage points to 5.47% – the biggest monthly decline since October 2024. Product choice rose for the third month in a row, with 7,177 deals available, and the standard variable rate eased to 7.13%.

Both markets cite broader financial conditions: U.S. rates are linked to Treasury yields and the Federal Reserve’s policy stance, while the UK slowdown reflects lower swap rates and a modest recovery in mortgage product availability.