After reaching a peak of 7.04% in January 2025, mortgage rates retreated to the mid-6% range in March but then reversed course and have remained stuck between 6.75% and 6.9% since early May. The average 30-year fixed mortgage rate was 6.

When rates fell to around 6.7% (the lowest level in months) in early July, applications for home loans promptly ticked up, according to the Mortgage Bankers Association. But when the average 30-year fixed rate jumped to around 6.8% last week, mortgage activity plummeted 10%.

Mortgage rates are down and still under 7%. Today’s national average on a 30-year fixed-rate mortgage is 6.77%, according to Bankrate. If you choose a 15-year fixed-rate mortgage, the average rate is 5.