The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) in the US rose by 2 basis points to 6.84% in the week ending July 18th 2025, the highest in four weeks, compared to 6.82% in the previous period, according to the Mortgage Bankers Association. "With the 30-year fixed rate still too high to benefit many borrowers, refinance applications were down almost three percent for the week”. A year earlier, borrowing costs were at 6.82%. Mortgage rates typically track Treasury yields, which climbed last week following strong economic data. Meanwhile, the average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $806,500) remained unchanged at 6.75%. The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA remained steady at 6.52%.