U.S. 30-Year Refinance Rate Rises to 6.723% as U.S.-Iran Ceasefire Unravels

1 articles · Updated · Fortune · Jul 22

Mortgage Research Center data reviewed July 21 showed the average 30-year fixed refinance rate at 6.723%, ticking higher in July after the U.S.-Iran ceasefire appeared to break down.
Rates had briefly looked set to ease after the June ceasefire, but renewed geopolitical strain added economic uncertainty and followed a March jump tied to the Trump administration’s late-February Operation Epic Fury in Iran.
That leaves refinance costs stuck near 7%, far above the 2% to 3% pandemic-era lows and still high enough to keep many homeowners from moving or refinancing.
Redfin said 82.8% of mortgaged homeowners had rates below 6% in the third quarter of 2024, underscoring the lock-in effect even after three quarter-point Fed cuts late that year.