30-Year Mortgage Rates Rose to 6.65 Percent as Refinance Applications Increased

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $832,750 or less rose to 6.65 percent in the week ending July 10, 2026, cnbc.com reported. The rate stood 7 basis points above the prior week and marked the highest level since August 2025. Points on those loans increased to 0.67 from 0.64.

Total mortgage application volume declined 2.7 percent from the previous week on a seasonally adjusted basis. The purchase applications index fell 7.3 percent to its lowest level since February. Applications for home purchases dropped 7 percent from the prior week and were 2 percent below the same week one year earlier.

Applications to refinance a home loan rose 4 percent from the previous week and stood 7 percent higher than a year ago. The refinance share of mortgage activity increased to 43.6 percent the week before. FHA refinance applications rose 9 percent while VA refinance applications increased 10 percent.

"Despite higher mortgage rates, refinance applications increased, led by FHA and VA refinance applications rising 9 and 10 percent, respectively," said Joel Kan, vice president and deputy chief economist at the Mortgage Bankers Association.