US mortgage rates climb to 6.58% in July, reaching 11‑month high

The average 30‑year fixed mortgage rate in the United States rose to 6.58% at the end of July, the highest level in 11 months, while the 15‑year fixed rate increased to 5.96%. Freddie Mac’s chief economist Sam Khater urged borrowers to compare different mortgage offers, noting that even small rate differences can save thousands of dollars over the life of a loan. LoanDepot’s investment director Jeff DerGurahian advised potential homebuyers to focus on the total cost of ownership rather than trying to predict short‑term rate movements.

Realtor.com predicts home prices will fall about 1.2% this year after a seven‑year surge that lifted median values from $256,000 to $344,000, with many markets exceeding $400,000. The sustained rise in rates is deepening an affordability crisis for first‑time buyers, as highlighted by senior economist Hannah Jones of Realtor.com.