FX.co ★ US 30-Year Mortgage Rates Surge, Matching May Peak

The average US 30-year fixed mortgage rate for loans up to $806,500 rose to 6.65% in the week ending July 10, 2026, from 6.58% the previous week, matching the nine-month high last reached in May, according to the Mortgage Bankers Association. The increase tracks a recent rise in US Treasury yields, driven by persistent inflation concerns and growing expectations that the Federal Reserve may raise interest rates later this year, even as the labor market continues to show signs of gradual cooling. Higher borrowing costs weighed on mortgage demand, with total applications declining 2.7%, the second consecutive weekly drop. Purchase applications fell 7.3%, pointing to softer homebuying activity, while refinancing applications rose 3.5% as some homeowners moved to take advantage of recent market shifts.