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Mortgage rates hold near 6.5% as the 10-year Treasury yield rises
Freddie Mac put the average 30-year fixed mortgage rate at 6.58% as of July 23, up three basis points from the prior week.
Mortgage rates have stayed clustered within fractions of 6.5% for much of the past two months, but borrowers seeking a rate closer to or below 6% may have to wait as both oil prices and Treasury yields have moved higher, according to Yahoo Finance.
Freddie Mac reported that the average 30-year fixed-rate mortgage was 6.58% as of July 23, which is three basis points higher than last week. The report also said that the average 30-year fixed rate was 6.75% in July 2025, or 17 basis points higher than the current level.
The direction of mortgage rates is tied closely to the 10-year Treasury yield, with lenders adding a spread to cover costs and risk. As of July 22, the 10-year Treasury yield closed at 4.55%, up from 4.47% a year earlier, and the implied spread between the 30-year mortgage rate and the 10-year yield is smaller than it was a year ago.
Short-term lending rates tend to track the federal funds rate, the outlet noted, and the Fed lowered the fed funds rate three times in 2025 while it has been on hold so far in 2026, including its June 17 meeting. While mortgage rates do not move directly with the fed funds rate, they often mirror its broader trend, according to Yahoo Finance.