rewrite this title Mortgage Rates Today, Friday, July 24: Highest Rates of 2026 – NerdWallet

If you’re here looking for lower mortgage interest rates, today is definitely not your day. Daily average rates jumped to their highest level we’ve seen this year.

The average interest rate on a 30-year, fixed-rate mortgage rose to 6.62% APR, according to rates provided to NerdWallet by Zillow. This is 10 basis points higher than yesterday and 14 basis points higher than a week ago. (See our chart below for more specifics.) A basis point is one one-hundredth of a percentage point.

Keep in mind that mortgage rates are always on the move, and that if you’re tracking rates day-to-day, you’re going to see a lot of volatility. Mortgage rates are under upward pressure as investors react to renewed conflict in Iran. Ongoing fighting has pushed fuel prices higher and weakened the bond market, which in turn influences mortgage rates.

While the economy never sleeps, markets are closed on the weekends. The rates you see Friday are unlikely to change much (if at all) until Monday.

Next week, the Nerds are waiting for the second statement and press conference from Federal Reserve chairman Kevin Warsh on Wednesday.

Renewed fighting in Iran is once again fanning the flames of inflation by pushing energy prices higher. Even with new inflation worries, most futures traders don’t expect the Fed to raise the federal funds rate (which also typically drives up mortgage rates) at its July meeting. However, odds of a rate hike are currently over 80% for September, according to CME FedWatch.

Next Thursday, we’ll also get the latest Personal Consumption Expenditures (PCE) index, using data from June. The PCE is the Fed’s preferred measure of inflation, but this report will reflect a calmer period before the Iran ceasefire collapsed in early July. With global oil benchmark prices surging past $100 a barrel this week, June’s inflation picture is already looking dated. That means any inflation relief in the report could prove short-lived.

Refinancing might make sense if today’s rates are at least 0.5 to 0.75 of a percentage point lower than your current rate (and if you plan to stay in your home long enough to break even on closing costs).

With rates where they are right now, you may want to start considering a refi if your current rate is around 7.12% or higher.

There is no universal “right” time to start shopping — what matters is whether you can comfortably afford a mortgage now at today’s rates.

Rate locks protect you from increases while your loan is processed, and with the market forever bouncing around, that peace of mind can be worth it.

In addition to market factors outside of your control, your customized quote depends on your:

Even two people with similar credit scores might get different rates, depending on their overall financial profiles.

Maybe — but even personalized rate quotes can change until you lock. That’s because lenders adjust pricing multiple times a day in response to market changes.

About the author

Abby Badach Doyle has been writing about homeownership and mortgages for NerdWallet since 2022. Her work has been featured in outlets including The Associated Press, The Washington Post and The Seattle Times. From interactive tools to practical advice, Abby is passionate about making the homebuying journey less stressful — especially for first-time buyers.

As a reporter, she is interested in writing about innovative housing solutions (like co-living) and personal stories about how homeownership builds community and a sense of belonging.

Abby is also a musician, songwriter and producer who knows the challenge of balancing creative fulfillment with financial stability. In 2024, she produced a special episode of NerdWallet’s “Smart Money” podcast on how to navigate income swings in a creative career.

Abby is based in Pittsburgh, a city defined by working-class grit and neighborly spirit. When she’s not writing about personal finance, she’s at her urban homestead: playing fiddle, raising chickens and preserving the bounty from her garden.