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Average 30-year US mortgage rate climbs to 6.58%, highest level in nearly a year
Summary by The Nashville Editorial Desk · Based on reporting by AP via Scripps News Group , NewsChannel 5 WTVF (CBS affiliate)
· July 23, 2026
· 3 min read
The average long-term U.S. mortgage rate climbed this week to its highest level in nearly 12 months, pushing up borrowing costs for prospective homebuyers at a time when rising oil prices are already squeezing household budgets. The benchmark 30-year fixed rate mortgage rate rose to 6.58% from 6....
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Summary created by The Nashville Editorial Desk — automated, rule-governed Original reporting AP via Scripps News Group, NewsChannel 5 WTVF (CBS affiliate) Original story Read at the source Source published Jul 23, 2026 Indexed here Jul 23, 2026 AI assistance Automated summary drawn from the source’s own published text Prepublication human review No — editorial rules, flagged-item review, and published samples
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Key takeaway 55% last week, mortgage buyer Freddie Mac said Thursday.
Why this matters in The Nashville
Nashville's housing market, already experiencing sluggish sales, may face further challenges as the average 30-year US mortgage rate climbs to 6.58%. For prospective homebuyers in Davidson County, this increase in borrowing costs could limit purchasing power, potentially delaying home purchases. As rates rise, it may become even more difficult for buyers to afford homes in Nashville's competitive market. The city's home prices, which have been rising, may be further impacted by these higher mortgage rates. With oil prices driving inflation expectations higher, the Federal Reserve may raise interest rates, which could further affect mortgage rates. Nashville homebuyers and sellers should closely watch the trajectory of the 10-year Treasury yield, as it will likely influence mortgage rates in the coming weeks. As the local housing market navigates these changes, it will be crucial to monitor how higher mortgage rates impact home sales and prices in Nashville.
About this story
Original reporting by NewsChannel 5 WTVF (CBS affiliate) . The Nashville surfaces reporting from trusted publishers and adds local editorial context so readers can quickly understand what a story means for their community. We attribute every source, link to the original report, and follow a documented editorial standards policy. To understand how stories are selected and reviewed, read our about page .
For the complete original report, visit NewsChannel 5 WTVF (CBS affiliate) . Have a tip or correction? Contact our newsroom .
Category: local ·
Published: July 23, 2026 ·
Source: NewsChannel 5 WTVF (CBS affiliate) ·
Reading time: 3 min
Frequently asked about this story
What is this story about? The average long-term U.S. mortgage rate climbed this week to its highest level in nearly 12 months, pushing up borrowing costs for prospective homebuyers at a time when rising oil prices are already squeezing household budgets. The benchmark 30-year fixed rate mortgage rate rose to 6.58% from 6....
When was this published? This article was first published on July 23, 2026 by NewsChannel 5 WTVF (CBS affiliate) and curated for The Nashville readers.
Who reported this story? This story was reported by AP via Scripps News Group at NewsChannel 5 WTVF (CBS affiliate). To learn more about how The Nashville selects and reviews stories, see our editorial standards .
Where can I find related coverage? See more local coverage from The Nashville, or browse our daily briefing and topic hubs .
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