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High Mortgage Rates Persist as New Housing Legislation Approaches

KVIA•Thursday, July 9, 2026 at 4:09 PM•CNN Newsource

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Homebuyers in El Paso and across the U.S. are facing continued challenges with mortgage rates hovering around 6.5%, largely due to inflation and geopolitical tensions, particularly related to Iran. The average 30-year fixed mortgage rate is currently at 6.49%, which has contributed to a 2.4% decline in existing home sales in June compared to May. Meanwhile, a new bipartisan housing bill, the 21st Century Road to Housing Act, is set to automatically become law soon, aimed at increasing home supply and affordability over the coming years. However, experts caution that immediate improvements in home prices and availability are unlikely, with the median existing home price reaching a record high of $440,600 in June.

Key Details: • Average mortgage rate is 6.49% as of this week. • Existing home sales dropped by 2.4% in June compared to May. • Median existing home price reached $440,600 in June. • The 21st Century Road to Housing Act will become law unless vetoed by Trump by Friday night.

legislation housing affordability real-estate mortgage

People & Organizations

El PasoDonald TrumpNational Association of REALTORSKara NgLawrence Yun

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