Mortgage rates edged higher in Freddie Mac’s latest weekly survey. The movement was small, but buyers should treat it as a prompt to refresh their payment range because a preapproval, seller credit or builder incentive can become stale before a contract closes.
The latest averages
The 30-year fixed-rate mortgage averaged 6.58% on July 23, up from 6.55% one week earlier and below 6.74% a year earlier. The 15-year average was 5.96%, up from 5.93% the prior week.
What the survey represents
Freddie Mac calculates a national average from thousands of qualifying loan applications submitted through its system. Your rate can differ because of credit, down payment, points, loan size, occupancy, property type, lock period and lender fees.
Compare the same structure
Ask each lender for the interest rate, APR, points, lender credits, origination charges, lock terms and total cash to close on the same day. A lower advertised rate can require a large up-front payment.
The HomeCostGrid view
Run at least three rate scenarios and keep property tax, insurance, HOA and maintenance in the same monthly model. Do not spend the full amount a lender is willing to approve if the resulting budget has no repair or emergency reserve.