July 18 mortgage rates hold steady at 6.625% as builders offer discounts and incentives to attract hesitant buyers.

Lower mortgage rates may motivate more people to buy houses, but it will take a bigger drop in borrowing costs to create more home sellers and lead to lower home prices, economists said.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $806,500 or less, increased to 6.82% from 6.77%; Applications for a mortgage to

Potential homebuyers may be able to save money with a little-known financing option, but they still need to watch their credit.

The numbers for June came in pretty much as economists had predicted — a moderate increase from last month. The rate of inflation rose 0.3% from May to June, and was up 2.7% compared to June 2024. In other words, if it feels like everyday goods cost more, it's because many of them do.

Mortgages with 10-year terms typically offer some of the lowest interest rates available to homeowners. Loans with longer terms—such as 15- and 30-year mortgages—generally have higher rates.

Potential homebuyers may be able to save money with a little-known financing option, but they still need to watch their credit.

With the Federal Reserve's July meeting on the horizon, many prospective homebuyers and homeowners are wondering what it could mean for mortgage rates. After years of relatively high borrowing costs, even the slightest dip could open doors for those hoping to buy or refinance. But the path forward is far from clear.

The interest rate for a 15-year fixed rate mortgage is typically lower than 30-year fixed rates, for a few reasons. For one, lenders can recoup their money in half the time.