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July 24, 2026

30-year mortgage rate hits 6.58%, highest level in nearly a year

By ALEX VEIGA
AP Business Writer

The average long-term U.S. mortgage rate climbed this week to its highest level in nearly 12 months, pushing up borrowing costs for prospective homebuyers at a time when rising oil prices are already squeezing household budgets.

The benchmark 30-year fixed rate mortgage rate rose to 6.58% from 6.55% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the average rate was 6.74%.


 
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