Mortgage rates rise, remain near lowest levels in nearly 11 months

Mortgage rates ticked up this week, with the 30-year fixed rate averaging 6.55 percent, compared to 6.54 percent the previous week, according to Bankrate’s latest lender survey.

The 30-year fixed mortgages in this week’s survey had an average total of 0.35 discount and origination points.

The national median family income for 2025 is $104,200, according to the U.S. Department of Housing and Urban Development, and the median price of an existing home sold in July 2025

Mortgage rates haven’t been this low since mid-October 2024.

However, some perspective is in order: For the past 10 months, rates have moved in a narrow range.

“Investors are now increasingly confident that a 25-basis point cut is on the table [this] month, and some are even speculating that we could see a larger 50-point cut depending on upcoming economic data.

Meanwhile, the U.S. economy seems to be back on track: The gross domestic product grew by an impressive 3 percent in the second quarter

little progress toward the Fed’s inflation target of 2 percent. As of Wednesday afternoon, 10-year Treasury yields were below 4.3 percent.