US 30-Year Mortgage Rates Hit Seven-Week Low of 6.43%

The average 30-year fixed-rate mortgage in the United States fell to 6.43% for the week ending July 2, 2026, marking a seven-week low. According to Freddie Mac, the rate declined from 6.49% the previous week. The average 15-year fixed-rate mortgage also decreased to 5.79% from 5.84%.

Several economic factors contributed to the decline, including a soft June jobs report from the Bureau of Labor Statistics showing only 57,000 new jobs—well below the forecast of 115,000. Additionally, expectations that the United States and Iran will end their war and reopen the Strait of Hormuz have lowered oil prices and eased pressure on the 10-year Treasury yield, which dropped to 4.46%.

Despite these dips, the housing market continues to struggle with existing home sales at a 4-million annual pace, far below the historic norm of 5.2 million. While the Mortgage Bankers Association noted a year-over-year increase in purchase applications, it forecasts that the Federal Open Market Committee will not cut rates in 2026 and may even implement a short-term hike due to inflation remaining above 4%.

Economists note that while some sellers are lowering listing prices to attract buyers, affordability remains a significant constraint. Borrowers and sellers are increasingly treating rates in the mid-6% range as the new normal, though costs remain elevated compared to pandemic-era lows.