Optimal Blue data reviewed on July 7 showed the benchmark 30-year conforming rate ticking higher while the 15-year dropped, with most other major mortgage categories also posting weekly increases.
The average U.S. rate for a 30-year, fixed-rate conforming mortgage rose about 1 basis point from the prior day to 6.474%, while the 15-year fixed-rate conforming average fell about 9 basis points to 5.713%, according to Optimal Blue data reviewed by Fortune on July 7 and reflecting loans locked on July 6. Week over week, rates were mostly higher: the 30-year conventional climbed to 6.474% from 6.419%, the 15-year conventional slipped to 5.713% from 5.744%, the 30-year jumbo rose to 6.500% from 6.460%, the 30-year FHA increased to 6.304% from 6.267%, the 30-year VA advanced to 6.118% from 6.023%, and the 30-year USDA edged up to 6.242% from 6.228%. Using the federal government’s Office of Financial Readiness mortgage calculator, a $300,000 30-year loan at 6.474% would generate about $380,786.00 in lifetime interest, versus roughly $147,352.35 for a 15-year loan at 5.713%. The Federal Open Market Committee left the federal funds rate unchanged at 3.50%–3.75% at its June 16-17 meeting, with another meeting scheduled for July 28-29. Mortgage applications rose 0.04% in the week ending June 26, the Mortgage Bankers Association said, as purchase applications rose 1% and refinance applications fell 1%. Joel Kan, MBA’s vice president and deputy chief economist, said, “Mortgage rates eased slightly last week as oil prices declined. As a result, mortgage applications increased modestly, with an uptick in purchase activity offsetting a smaller decline in refinances,” and added that purchase applications remain ahead of 2025’s pace and have shown year-over-year growth for almost three months.