Mortgage interest rates were mostly lower compared to a week ago, according to Bankrate data. Average rates for 30-year fixed, 15-year fixed and 5/1 ARM declined, while 5/1 ARM jumped.

Mortgage rates have been shifting incrementally, but the average rate for a 30-year, fixed-rate mortgage is still near 6.5%. Fixed mortgage rates are tied directly to 10-year bond yields, and higher bond yields in recent months mean mortgage rates are also up from their 2026 low of 6.09%.

An apparent peace deal between the U.S. and Iran could portend lower mortgage rates. High oil prices had been a major driver of inflation. On the other hand, inflation is still running hot. The personal consumption expenditures (PCE) price index increased by 3.4% in May from a year ago, the Bureau of Economic Analysis reported June 25.

 

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