Mortgage Interest Rates Today for Jul. 22, 2025
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Elevated mortgage rates have been weighing on the U.S. housing market, which has been in a sales slump since 2022.
The long-term rate slipped to 6.74% from 6.75% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.78%.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also eased. The average rate dropped to 5.87% from 5.92% last week. A year ago, it was 6.07%, Freddie Mac said.
The wait for a more affordable housing market is only getting longer as lingering inflation and tariff uncertainties keep the Fed in monitor mode.
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Mortgage rates hold steady July 23, 2025, with 30-year fixed at 6.625%. Trump hints at capital gains tax cut for home sales.
Mortgage rates retreated this week, with the 30-year fixed rate averaging 6.76 percent, compared to 6.81 percent the previous week, according to Bankrate’s latest lender survey.
Fed chair Powell's 'wait and see' approach to interest rates has drawn criticism from the Trump administration, which insists that they be slashed to increase homebuyer demand and relieve the housing market. However, the Fed isn't directly responsible for mortgage rates.
Analysts believe a modest drop in mortgage rates could prove to be a "magic bullet" for the U.S. housing market.