Current mortgage rates are up and higher than they were seven days ago and in early 2025, when the average 30-year fixed-rate mortgage reached above 7%. Even though Federal Reserve policy doesn’t directly impact today’s mortgage rates, they have been easing since the Fed began cutting rates in late 2024.

Headwinds for mortgage rates arrived Tuesday in the form of rising inflation, which likely ends the faint hopes of a Fed rate cut in July.

The average rate on 30-year fixed home loans increased to 6.72% for the week ending July 10, up from 6.67% last week.