Mortgage Rates Just Reached a 2026 High. Should Buyers Stop Shopping
A higher mortgage rate does not automatically make this a bad time to buy.
The average 30-year fixed mortgage rate reached 6.66% on July 30, up from 6.58% the previous week. That is the highest weekly Freddie Mac average of 2026, although it remains slightly below the 6.72% average recorded at the same time last year.
At first glance, that sounds like a reason to postpone your home search.
But let’s look at what is happening on the other side of the transaction.
As rates have moved higher, some buyers have stepped back. Pending home sales recently fell to their lowest level since early April, and Redfin reports that sellers currently outnumber buyers in much of the country. That means qualified buyers may have more time to evaluate homes, conduct inspections and negotiate favorable terms.
This article is for informational purposes and is not an offer to lend or a commitment to make a loan. All loans subject to underwriting approval, program guidelines, and appraisal. Equal Housing Opportunity.