Weekly Mortgage Rates Tick Up, But Seasoned Shoppers Shrug
Mortgage rates rose slightly this week. But whether that’s good news or bad news depends on one thing: when you started buying a home.
The average rate on a 30-year fixed-rate mortgage rose four basis points to 6.51% APR in the week ended July 23, according to rates provided to NerdWallet by Zillow. (A basis point is one-hundredth of a percentage point.) We calculate our weekly average using daily APRs recorded over the last five business days.
Ups and downs are normal in the mortgage market. This week’s increase was modest, given the growing instability in the Middle East. The re-escalation of the conflict with Iran pushed Brent crude prices – the global oil benchmark – above $100 a barrel today, the highest level since May. Higher energy costs are fanning the flames of inflation, putting upward pressure on mortgage rates.
If you are just starting to look for a house
Mortgage rates rarely stay in one place for long. If you’ve recently started looking for a home, this week’s increase is just one of many you’ll see — so don’t try to time the market perfectly.
For context, over the past 45 days, NerdWallet’s daily average for a 30-year fixed-rate mortgage has seen a low annual interest rate of 6.15% and a high annual interest rate of 6.59%.
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If you have been looking for several months
If your New Year’s resolution was to buy a house, 2026 has tested your resolve.
Since the end of February, mortgage rates have risen from the top 5% to around 6.5% as the war in Iran rattled financial markets. That half a percentage point increase might not sound like much, but on a $400,000 30-year fixed-rate mortgage, it adds nearly $150 in monthly interest.
“In this environment, it’s unlikely that we’ll see a decline in mortgage rates,” says Kate Wood, a lending expert at NerdWallet.
Your takeaway: Keep in mind that mortgage rates aren’t the only part of the equation. As the summer progresses, sellers are often more willing to negotiate. Instead of stressing about recent exchange rate trends, know where you have influence as a buyer and don’t be afraid to use it.
If you have been searching for a year or more
If you’ve been house hunting since last year or earlier, you’ve probably learned one of the hardest lessons in home buying: There’s always a reason to wait, whether it’s less competition or lower mortgage rates.
Takeaway: Don’t wait for every piece to fall into place. A home that fits your needs and your budget is worth more than perfect market timing.
