U.S. 30-Year Refinance Rate Rises to 6.678% as July Iran Ceasefire Collapse Lifts Uncertainty
Updated
Updated · Fortune · Jul 14
U.S. 30-Year Refinance Rate Rises to 6.678% as July Iran Ceasefire Collapse Lifts Uncertainty
1 articles · Updated · Fortune · Jul 14
Summary
The average 30-year fixed refinance rate reached 6.678% in Mortgage Resource Center data reviewed July 13, edging higher after the U.S.-Iran ceasefire appeared to unravel in July.
Mortgage rates had briefly looked set to fall after the two sides announced a ceasefire in June, but renewed geopolitical strain kept borrowing costs elevated.
Even after Fed rate cuts in late 2024 and three more quarter-point cuts in late 2025, 30-year mortgage rates have stayed near 7%, only briefly dipping toward 6.5% in February.
Redfin said 82.8% of mortgaged homeowners had rates below 6% in the third quarter of 2024, leaving many locked in and limiting the appeal of refinancing at current levels.