Freddie Mac's July 23 survey put the average 30-year fixed mortgage at 6.58%, a third consecutive weekly increase, with the 15-year at 5.96%. Daily rate trackers ran even hotter: Mortgage News Daily's index touched 6.77% on Wednesday, its highest since last July, before easing late in the week. With the Federal Reserve meeting Tuesday and Wednesday, this is shaping up to be one of the more consequential weeks of the summer for anyone thinking about a home purchase.
What's Moving Markets
Brent crude crossed $100 a barrel on July 23 for the first time since spring as the fighting in the Gulf intensified, then closed near $97 the next day. Word of new talks between Tehran and Oman over the Strait of Hormuz sent prices lower over the weekend, and Brent was trading around $90 this morning. That is still roughly $18 higher than it was on July 1. Every dollar on a barrel of oil shows up in gasoline, diesel, and ultimately in the inflation numbers the Fed watches, which is why mortgage rates have moved in lockstep with the oil chart all month.
Trade policy shifted, too. The temporary 10% global tariff enacted under Section 122 expired at midnight on July 24 and was immediately replaced by new Section 301 duties of 10% to 12.5% on imports from about 60 countries. The overall tariff level barely changed, but the new duties have no built-in expiration, which matters for building-material costs over the longer run.
New Homes Get Cheaper
There was a bright spot for buyers in Friday's Census report. New single-family home sales rose 1.6% in June to a 628,000 annual pace, and the median new-home price fell to $398,300, down 3.3% from May and 2.7% below June 2025. Builders are using price cuts and incentives to move inventory, and 485,000 new homes were for sale at the end of June. That is real competition for existing-home sellers, and it is one reason resale price growth nationally has slowed to the low single digits.
Utah Check-In
The Salt Lake Board of Realtors released second-quarter numbers on Tuesday. The median single-family home in Salt Lake County reached a record $645,000, up 4.88% from a year ago, while homes took slightly longer to sell (48 days on market versus 45). Other Wasatch Front counties were mixed: Utah County's median slipped to $600,000, Davis County to $568,450, and Tooele County to $487,495, while Weber County rose to $499,000. Condo prices in Salt Lake County fell nearly 3% as buyers hunted for affordability.
Put those numbers next to what a similar home costs in Sevier, Sanpete, or Piute County and the appeal of Central Utah real estate is obvious. Families who sell along the Wasatch Front and relocate south are often able to buy a larger home on more land, and sometimes pay cash.
What This Means for Central Utah
Buyers: with the Fed decision on Wednesday and oil headlines changing daily, talk to your lender about locking your rate as soon as you are under contract. If you are shopping new construction in the Richfield area, ask about builder incentives; the national data says they are available. And if you qualify for a USDA zero-down loan in one of our rural towns, that program is unaffected by the week-to-week rate noise and remains one of the best deals in home buying.
Sellers: the Salt Lake data shows buyers will still pay for the right house, but days on market are creeping up everywhere. Price to the last 90 days of sales in your area, not to spring's asking prices. Our team can pull the comparable sales for Richfield, Salina, Ephraim, Nephi, or wherever your home is and show you exactly where the market is today.
We will have a full breakdown of the Fed's decision next Monday. Until then, stay cool and reach out with any questions about mortgage rates or Sevier County homes.