U.S. mortgage rates near yearly high, new‑home sales modestly rise in June

The average rate on a 30‑year fixed mortgage rose to about 6.6%‑6.7%, the highest level in roughly eleven months, as Treasury yields climbed and the Federal Reserve kept policy rates elevated. Higher borrowing costs are tightening affordability for first‑time buyers, who face larger down‑payment needs and limited purchasing power.

In June, U.S. new‑single‑family home sales edged up 1.6% to a seasonally adjusted annual rate of 628,000 units, but remain down 5.6% from a year earlier. The median new home price fell 2.7% to $398,300, and homes priced under $300,000 accounted for 23% of sales, reflecting builders’ incentives to attract buyers in the lower‑price segment. Despite the modest gain, elevated mortgage rates continue to constrain demand across the housing market.