Mortgage Rates Today, Friday, July 24: Highest Rates of 2026

If you are here looking for lower mortgage interest rates, today is definitely not your day. The daily average rate jumped to their highest level we’ve seen this year.

The average interest rate on a 30-year, fixed-rate mortgage has risen to 6.62% APR, according to rates provided by Zillow’s NerdWallet. It was 10 basis points higher than yesterday and 14 basis points higher than a week ago. (See our chart below for more specifics.) A basis point is one hundredth of a percentage point.

Remember that mortgage rates are always moving, and that if you’re tracking rates on a daily basis, you’ll see a lot of fluctuations. Mortgage rates are under upward pressure as investors react to renewed conflict in Iran. The ongoing fighting has pushed fuel prices higher and weakened the bond market, which in turn influences mortgage rates.

While the economy does not sleep, the markets are closed on weekends. The rates you saw on Friday probably won’t change much (if at all) until Monday.

Next week, Nerds await the second statement and press conference from Federal Reserve chairman Kevin Warsh on Wednesday.

The renewed conflict with Iran is fueling inflation again by pushing energy prices higher. Even with the new inflation concerns, most futures traders do not expect the Fed to raise the federal funds rate (which also typically raises mortgage rates) at its July meeting. However, the odds of a rate hike are currently above 80% for September, according to CME FedWatch.

Next Thursday, we’ll also get the latest Personal Consumption Expenditures (PCE) index, using data from June. PCE is the Fed’s preferred measure of inflation, but this report will indicate a calmer period before the Iran ceasefire collapsed in early July. With global benchmark oil prices surpassing $100 per barrel this week, the June inflation picture looks dated. That means any inflation relief in the report could prove short-lived.

Refinancing may make sense if current rates are at least 0.5 to 0.75 percentage points lower than your current rate (and if you plan to keep your home long enough to break even on closing costs).

With rates where they are now, you may want to start considering a refi if your current rate is around 7.12% or higher.

There is no universal “right” time to start shopping – what matters is whether you can comfortably pay off a mortgage now at today’s prices.

Rate locks protect you from increases while your loan is being processed, and with the market in perpetual flux, that peace of mind may be worth it.

In addition to market factors outside of your control, your customized quote depends on your:

Although two people with similar credit scores can get different rates, depending on their overall financial profile.

Maybe – but even personal rate quotes can be changed until locked. That’s because lenders adjust the price several times a day in response to changes in the market.