Mortgage rates continued their upward momentum this week, as the average rate on 30-year fixed home loans hit 6.66% for the week ending July 30, up 8 basis points from 6.58% the previous week, according to Freddie Mac.
This marks the highest average rate in one year.
Despite this notable surge, current borrowing costs remain slightly lower than the same period in 2025, when rates averaged 6.72%.
So what does this mean for homebuyers? Using the Realtor.com® mortgage calculator, we can look at how the math works out for the median-priced home in the U.S.
All examples assume a 30-year fixed mortgage and include principal and interest only, excluding property taxes, homeowners insurance, and mortgage insurance.
Monthly mortgage payment today with a 20% down payment
For a homebuyer eyeing the median house price of $430,000, a 20% down payment results in a loan amount of $344,000.
At today’s 6.66% rate, the monthly principal and interest payment is approximately $2,211. This reflects a $19 monthly increase from the previous week’s payment of $2,192.
Compared to the 6.72% average from July 2025, which would have required a $2,224 monthly payment for a home at this price, today’s buyers are still saving $13 every single month
Monthly mortgage payment today with a 3.5% down payment
The monthly costs have also increased slightly for those using FHA loans with a 3.5% down payment.
On a $430,000 home, an FHA borrower would finance roughly $414,950.
At today’s 6.66% rate, the monthly principal and interest payment comes to approximately $2,667. This reflects a $22 increase from last week’s monthly cost of $2,645.
When viewed against the 6.72% rates of July 2025, where the monthly payment for this loan amount sat at $2,683, today’s FHA borrowers are keeping an extra $16 in their pockets every month.
Looking back at the October 2023 peak of 7.79%, where the payment for a home at this price reached $2,984, the monthly savings sit at $317.
Long-term savings over 30 years
The long-term financial picture highlights how these rate hikes accumulate over time.
A buyer with a 20% down payment at today’s 6.66% rate will pay a total of $795,829 in principal and interest over the life of the mortgage.
While recent rate increases have eroded a portion of the long-term discount, this total remains a distinct contrast to the October 2023 peak of 7.79%, when the total cost for that same $344,000 loan would have reached $890,630. By securing a mortgage at today’s rate instead of that peak, a homebuyer effectively avoids $94,801 in interest charges over the 30-year term.
FHA borrowers see a similar trajectory of long-term savings.
Financing the current median-priced home at today’s 6.66% rate results in a lifetime payment of $959,969 for principal and interest. If that same loan had been locked in at the 7.79% peak in late 2023, the total cost would have climbed to $1,074,323.
This represents a total long-term savings of $114,354 for FHA buyers. While the surge to a one-year high represents a significant tightening for homebuyer budgets, current rates continue to hold a modest advantage over the peak extremes of recent years.