A rise in mortgage interest rates has led to a decline in people applying for home loans and homeowners refinancing.

The average rate on the 30-year fixed mortgage fell this week to 6.74%, according to the latest Freddie Mac data released on Thursday. That is down from last week's reading of 6.75%.

U.S. credit card delinquencies and net charge-offs rebounded last month after May's pullback, with both metrics exceeding above prepandemic levels. The average delinquency rate accelerated to 2.79% in June from 2.

The Bank of Canada will hold its overnight interest rate steady at 2.75% on July 30 for the third consecutive meeting thanks to a recent rise in inflation and a fall in unemployment, according to a Reuters poll of economists that still found many expect at least two more cuts this year.

Illinois homeowners face a 27% rate hike from State Farm as the insurer cites unsustainable losses. The rate increase is expected to start on Aug. 15.

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Falling inflation has persuaded the central bank in Moscow to continue relaxing the country’s record borrowing costs.

Current mortgage rates are down and lower than they were seven days ago. Rates are lower than they were in early 2025, when the average 30-year fixed-rate mortgage reached above 7%. Even though Federal Reserve policy doesn’t directly impact today’s mortgage rates, they have been easing since the Fed began cutting rates in late 2024.