Mortgage rates moved higher for the second week in a row, according to Freddie Mac. The average rate on a 30-year loan reached 6.75%.

Mortgage rates on July 17, 2025, hold steady as 30-year fixed sits at 6.625%. Here’s what today’s numbers mean for buyers and refinancers.

Most variable mortgages can be converted anytime without penalty, so you can wait until the fog lifts on Canadian – U.S. trade policy. If you’re tempted to lock in, scout the best mortgage rates online first. Then contact your lender to confirm the lowest fixed rate they will offer you for the mortgage features you need, and haggle if needed.

The numbers for June came in pretty much as economists had predicted — a moderate increase from last month. The rate of inflation rose 0.3% from May to June, and was up 2.7% compared to June 2024. In other words, if it feels like everyday goods cost more, it's because many of them do.

Mortgage rates are based on bonds and bonds don't like inflation.  When inflation reports are higher than the market expected, rates tend to rise, all other things being equal.   But today's inflation numbers were a bit lower than the median forecast.

Mortgage delinquencies are rising across the U.S., especially in southern states like Florida, Georgia, and South Carolina, a study by Cotality found. Escrow payments have surged – up 62% in the last 5 years – likely due to rising property taxes and insurance premiums.

The increases were partly driven by rising U.S. Treasury yields, with the 5-year rising above 4% following stronger-than-expected inflation data. That, in turn, helped lift Canadian bond yields, which are closely linked to their U.S. counterparts.

A surprise jump in inflation and signs of persistent wage growth this week has led Goldman Sachs to downgrade its Bank of England rate cut expectations for the rest of the year. The US investment bank Goldman still expects a rate cut in August from 4.