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High Mortgage Rates Persist Despite New Housing Bill's Potential Impact

KVIA•Thursday, July 9, 2026 at 7:50 PM•CNN Newsource

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Homebuyers in El Paso are facing ongoing challenges with mortgage rates hovering around 6.5%, influenced by inflation and geopolitical tensions, particularly with Iran. The average 30-year fixed mortgage rate is currently at 6.49%, close to its highest for the year. A bipartisan housing bill, aimed at increasing housing supply and easing affordability issues, is set to automatically become law unless vetoed by President Trump by midnight Friday. While experts predict a gradual decrease in mortgage rates to about 6.3% by the end of 2026, the current high rates are discouraging potential buyers, as evidenced by a 2.4% drop in existing home sales in June compared to May. The average home sale price has reached a record high of $440,600, further complicating the housing market.

Key Details: • Current average mortgage rate is 6.49%, affecting home affordability. • Bipartisan housing bill to become law unless vetoed by Trump by midnight Friday. • Home sales dropped 2.4% in June compared to May, despite a year-over-year increase of 2.8%. • Average home sale price in June reached $440,600, a record high.

legislation housing affordability real-estate mortgage

People & Organizations

El PasoDonald TrumpFreddie MacNational Association of REALTORSKara NgLawrence Yun

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