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30-year mortgage rates slip after recovering from long high levels

The Mortgage News Daily 30-year fixed rate index climbed to 6.75% before falling to 6.70% after June CPI came in much lower than expected.

Reported · Written up by our desk · Mortgages

Mortgage News Daily said its daily 30-year fixed rate index rose to 6.75%, matching the high from May 19 and marking the highest level since late July 29, 2025.

The outlet attributed the recent lift largely to higher fuel prices in July, noting that rates had not gone below 6.52% over the prior two months, leaving mortgage rates in a high range.

Heading into the next trading day, Mortgage News Daily flagged potential volatility from Fed Chair Warsh's congressional testimony and the monthly CPI release. It said Warsh's testimony had little impact, while CPI was different, showing inflation coming in much lower than expected for June.

Mortgage News Daily added that although lower inflation is generally supportive for rates, expectations for July could be mixed, limiting the recovery, and the rate index fell 0.05% to 6.70%.

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