News

The Housing Market Just Got Even Tougher

Jamie Jackson
July 16, 2026

FILE - In this Sept. 29, 2020 file photo, a sale pending sign is displayed outside a residential home for sale in East Derry, N.H. Sales of previously occupied U.S. homes rose in July for the second month in a row, though they only increased modestly from a year ago, suggesting the red-hot housing market may be cooling off a little. Existing homes sales rose 2% last month from June to a seasonally-adjusted annual rate of 5.99 million units, the National Association of Realtors said Monday, Aug. 23, 2021. (AP Photo/Charles Krupa, File)

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(AURN News) – The news just does not seem to be getting better for people looking to buy a home.

Mortgage rates have now hit a one-year high. According to data from Zillow, a 30-year fixed rate is now 6.46%. A 20-year fixed rate is 6.32%, while a 15-year fixed rate is 5.86%.

Analysts and potential homebuyers will be paying close attention to what new Fed Chair Kevin Warsh announces following the next Federal Open Market Committee meeting. That is where rate decisions will be made.

Warsh is expected to announce a decision on the 29th at 2 p.m.

The Fed recently decided to hold rates, but its meeting in a couple of weeks could impact whether mortgage rates go up or down.

And it cannot be ignored that even with current Fed rates being held, mortgage rates are still high.

Click play to listen to the AURN News report from Jamie Jackson:

Jamie Jackson is an Emmy-nominated television and radio broadcaster who has served American Urban Radio Networks since 2015. He previously covered the Obama and Trump administrations as a White House Correspondent and Pool Reporter for AURN News. Jamie hosted a national PBS television special in 2023 and over the years has worked as a TV news anchor and local NPR host for stations across the country. His work has been honored by numerous organizations, including the NAACP and the Virginia Farm Bureau.