07/30/2026
Mortgage rates are sitting at 6.72% right now, down slightly from a few weeks ago, but still nowhere near where a lot of buyers are hoping.
Here's where things actually stand as of July 29th.
30-year fixed is at 6.72%, down 0.03 from last week.
15-year fixed sits at 5.87%.
5/1 ARM is at 6.26%.
30-year jumbo is running 6.85%.
Rates have trended lower every single month since January, when they started at 6.96%.
That's real improvement, just not the kind that changes the math dramatically for most buyers.
The Fed held rates steady again this week, and more cuts could come later this year if inflation keeps cooling.
But affordability is still the real problem right now, not just the rate itself.
Home prices and overall costs are still squeezing a lot of buyers even with rates easing slightly.
If you're buying, don't try to time the market perfectly.
Focus on what you can actually afford today, get pre-approved, and be ready to move when you find the right home.
If you're thinking about refinancing, most homeowners should wait until rates fall closer to the low 6% range or below.
Check your break-even point before deciding, and know that a cash-out refi remains an option if you need access to equity in the meantime.
Watch the next Fed meeting on September 16th and 17th, along with inflation and jobs reports in the weeks before it.
Those numbers will tell you where rates head next.