6.75% marked the third 2026 return to the recent high for 30-year fixed mortgage rates, after the level was hit on May 19 and again last Monday.
Fuel prices drove much of the move: August gasoline futures this week matched their May 19 highs, closely tracking the round trip higher in mortgage rates.
Rates had fallen from 6.75% on July 31, 2025, to 5.99% by late February 2026 before war-related energy pressure, stronger economic data and tariff-ruling-linked Treasury issuance concerns reversed the decline.
Bond selling tied to earnings-season portfolio shifts added pressure over the past two days, underscoring how mortgage rates have stayed stuck near their highs even as momentum turned mostly sideways since May.