Interest rates in the US housing market are on the rise again. The 30-year mortgage rate rose from 6.69% to 6.76% in the week ending July 24, according to Mortgage Bankers Association (MBA) weekly data, reaching the highest level since August 2025.
The 15-year mortgage rate also climbed from 6.04% to 6.15%, extending the upward trend. MBA Vice President Joel Kan said rising oil prices were behind the increase.
The higher rates also weighed on mortgage applications. Total applications fell 6.4% from the previous week. Purchase applications dropped 4%, while refinance applications tumbled 10%.
Joel Kan said, "The upward trend in rates continues to severely weigh on refinance applications." He added that while some markets have seen an increase in housing supply, high rates are deepening the affordability challenge and dragging down purchase applications.