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Average 30-year US mortgage rate climbs to 6.58%, highest level in nearly a year
Summary by The Waco Editorial Desk · Based on reporting by AP via Scripps News Group , KXXV (ABC 25) News
· 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 Waco Editorial Desk — automated, rule-governed Original reporting AP via Scripps News Group, KXXV (ABC 25) News 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 Waco
For prospective homebuyers in Waco, the rising mortgage rates pose a significant challenge, as higher borrowing costs can limit their purchasing power. With the average 30-year mortgage rate now at 6.58%, buyers in the Waco area may need to reassess their budgets and consider how much home they can afford. This could lead to a slowdown in the local housing market, as buyers delay or cancel their plans to purchase a home. The impact will be felt across McLennan County, where the housing market is a key driver of economic activity. As the Federal Reserve considers its next move on interest rates, Waco residents will be watching closely to see how the decision affects the local housing market and their own financial plans. The rising mortgage rates also raise questions about the affordability of housing in Waco, particularly for first-time buyers or those on limited incomes.
About this story
Original reporting by KXXV (ABC 25) News . The Waco 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 KXXV (ABC 25) News . Have a tip or correction? Contact our newsroom .
Category: local ·
Published: July 23, 2026 ·
Source: KXXV (ABC 25) News ·
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 KXXV (ABC 25) News and curated for The Waco readers.
Who reported this story? This story was reported by AP via Scripps News Group at KXXV (ABC 25) News. To learn more about how The Waco selects and reviews stories, see our editorial standards .
Where can I find related coverage? See more local coverage from The Waco, or browse our daily briefing and topic hubs .
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