PODCAST:
Aug. 7, 2026 ~ Mortgage rates have now increased for five straight weeks, reaching their highest levels since 2025. Hall Financial CEO David Hall discusses what’s driving rates higher, what it means for homebuyers and homeowners, and whether relief could be on the horizon.
DETROIT, MICH. ~ Mortgage rates in the United States have increased to the highest they have been since July 2025 for the second week in a row, landing at 6.69% for an average 30-year fixed loan according to Freddie Mac.
With the raise, new mortgage applications fell in the final two weeks of July, according to the Mortgage Bankers Association.
“For folks that are kind of riding that razor-thin line, there’s no question that some of them have to back off right now and wait for rates to get better,” Hall said on All Talk.
Spiked mortgage rates can translate to hundreds of dollars in interest. According to Bloomberg, a $500,000 loan would pay more than $200 extra each month in principal and interest to finance a property.
