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30-Year Mortgage Rate Falls to 6.43 Percent, Lowest Since Mid-May
Freddie Mac data released July 2 showed the average 30-year fixed mortgage rate declined to 6.43 percent from 6.49 percent the prior week. The 15-year fixed rate also fell to 5.79 percent.
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The average interest rate on a 30-year fixed mortgage stood at 6.43 percent on July 2, down from 6.49 percent one week earlier, Freddie Mac reported Thursday. The figure marks the lowest level since May 14, when the rate was 6.36 percent. The 15-year fixed-rate mortgage average declined to 5.79 percent from 5.84 percent the previous week.
One year earlier the 30-year rate averaged 6.8 percent. -Iran war began in late February 2026, when the 30-year average sat just below 6 percent. The 10-year Treasury yield, which influences mortgage pricing, reached 4.
“Rates did drop, which does provide some relief. But they’re still high,” Julia Fonseca, a professor at the Gies College of Business at the University of Illinois at Urbana-Champaign, told ABC News. Ken Johnson, a real estate economist at the University of Mississippi, said the cooling of tensions in the Gulf has been the big driver behind the recent decline.
Elevated rates relative to levels seen in 2022 have contributed to a lock-in effect, with many homeowners reluctant to sell and take on a new mortgage at higher cost. Fonseca noted that every drop helps and could produce gradual unlocking over time.
