The average 30-year fixed-rate mortgage fell to 6.67% as of August 13, 2026, down from 6.69% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey, based on thousands of loan applications submitted through Loan Product Advisor from lenders across the country. Today, August 18, individual lender data shows rates continuing to ease, with the average 30-year fixed rate at 6.53%, down one basis point since yesterday, while other surveys report today’s 30-year rate at 6.71%.
The decline marks a reversal after mortgage rates rose for five consecutive weeks, with the average 30-year fixed rate climbing to 6.69% on August 6, 2026 from 6.66% the prior week. Housing affordability has improved from a year ago, and recent increases in purchase and refinance applications suggest that borrowers continue to respond to even modest changes in mortgage rates, Freddie Mac noted in its latest release.
For buyers who’ve been watching rates climb since late spring, this week’s pullback offers a small window of opportunity. Mortgage rates were slowly trending downward—hitting a low of 5.98% in February—but have risen somewhat in the months since, driven by geopolitical tensions and persistent inflation concerns.
The numbers
Where rates stand across loan types
Today’s mortgage landscape shows rates easing across most products, with the gap between 30-year and 15-year loans holding steady.
The 15-year fixed-rate mortgage averaged 5.96%, down from 6.01% the week before, according to Freddie Mac’s August 13 survey. That’s a five-basis-point drop that translates to real savings: on a $300,000 loan, moving from 6.01% to 5.96% saves roughly $9 per month, or more than $1,600 over the life of a 15-year mortgage.
Today’s lender data shows even more variation. The 15-year fixed loan is currently at 5.94%, eight basis points higher than yesterday in some markets, while the average rate for a 15-year, fixed-rate conforming mortgage loan is 5.841% according to other surveys. The 5/1 ARM is 6.39%, 15 basis points higher than on Monday.
Government-backed loans remain competitive. The current average rate on a 30-year FHA home loan is 6.069%, while FHA rates stand at 6.38% and VA at 6.49% in other lender surveys. Jumbo mortgages—those that exceed the conforming loan limits set by the Federal Housing Finance Agency, which in most of the U.S. is $832,750 for 2026—are averaging 6.769% for a 30-year term.
Key rate benchmarks (August 18, 2026)
30-year fixed: 6.53%–6.71% depending on lender (Freddie Mac weekly average: 6.67% as of Aug. 13)
15-year fixed: 5.84%–5.96%
FHA 30-year: 6.07%–6.38%
VA 30-year: 6.49%
Jumbo 30-year: 6.77%–6.79%
5/1 ARM: 6.39%
A year ago at this time, the 30-year FRM averaged 6.58%, meaning today’s rates are roughly nine basis points higher year-over-year. The 15-year FRM averaged 5.71% a year ago, making the current 15-year rate about 25 basis points higher than last August.
Context
Why rates fell this week—and what’s next
The modest decline follows five weeks of increases driven by geopolitical uncertainty and stubborn inflation.
At its January, March, April, and June 2026 meetings, the Federal Reserve continually hit pause, holding rates steady to assess how previous cuts were working their way through the economy. The Fed again opted to leave the federal funds rate unchanged during its July 2026 meeting, though a handful of committee members voted to increase the rate by a quarter-point. The federal funds rate currently sits at 3.50%–3.75%.
But mortgage rates don’t move in lockstep with the Fed’s policy rate. Mortgage rates reflect movements in the bond market, particularly the 10-year Treasury note. Yields have gradually risen since the beginning of 2026, and mortgage rates have followed suit. The 10-year T-Note rose to 4.69% on August 7, 2026. The spread between the 10-year T-Note and 30-year FRM rate is 1.98%, above the historical risk premium spread of 1.5%.
The biggest wild card in 2026 has been geopolitics. Rates ticked upward in March 2026 after the Trump administration launched Operation Epic Fury in Iran at the end of February, accompanied by a spike in gas prices and widespread uncertainty about the economy in general. Mortgage rates briefly looked as if they’d drop after the U.S. and Iran announced a ceasefire in June 2026, but overall have remained elevated. They ticked up slightly after the ceasefire appeared to fall apart in July 2026.
Looking ahead, Fannie Mae’s June 2026 Housing Forecast projects that 30-year fixed mortgage rates will hover at 6.4% for the rest of 2026. The MBA forecasts 30-year fixed mortgage rates of 6.5% in Q3 and Q4 of 2026. For 2027, rates are expected to average 6.3% according to Fannie Mae, while the Mortgage Bankers Association predicts 30-year mortgage rates will average 6.5% in 2026, 2027 and 2028.
You can track the latest rate data on Freddie Mac’s Primary Mortgage Market Survey page, which is updated every Thursday at noon Eastern with the prior week’s averages.
Your move
What today’s rates mean for buyers and refinancers
Even a small rate drop can save thousands over the life of a loan—but timing the market is nearly impossible.
On a $400,000 mortgage, the difference between 6.69% (last week’s rate) and 6.53% (today’s low-end rate) is about $41 per month, or nearly $15,000 over 30 years. For a buyer stretching to afford a home in today’s market, that’s real money.
Mortgage rates are down more than a half point since the end of last May, sparking a more than 62% increase for refinance applications year over year. If you bought or refinanced when rates were above 7%—common in late 2023 and parts of 2024—this week’s rates could justify a refinance, especially if you plan to stay in the home for at least a few more years.
For first-time buyers, more houses are hitting the market and median home prices are on a slight downward trend, giving buyers more choices and slightly more negotiating power. Combined with modestly lower rates, affordability has improved incrementally. But don’t expect a return to the ultra-low rates of the pandemic era: the sub-3% rates of the coronavirus pandemic era likely aren’t coming back.
Your actual rate depends on your credit score, down payment, debt-to-income ratio, and the lender you choose. Borrowers with excellent credit (typically 740+), a down payment of 20% or more, and low debt can often secure rates 0.25 to 0.50 percentage points below the national average. Shop at least three lenders and compare not just the rate but the annual percentage rate (APR), which includes fees.
If you’re a first-time buyer or have limited savings, explore down payment assistance programs and zero-down loan options like VA and USDA loans. VA loans typically have the lowest rates, followed by USDA loans. FHA mortgages also have below-market rates, though they come with mortgage insurance premiums. Learn more about mortgage types and how to choose the right loan.
Should you lock a rate this week?
If you’re under contract or plan to close within 60 days, locking today’s rate protects you from any upward movement. Rates can change daily—sometimes multiple times per day. Expect rates to hold near 6.64% through the week unless inflation data surprises. A cooler reading would pull rates toward the 6.46% floor from this range. A hotter print pushes them back above 6.72%.
If you’re still shopping for a home, monitor rates but don’t let small daily swings paralyze you. The difference between 6.53% and 6.71% on a $300,000 loan is about $33 per month. Finding the right house in the right neighborhood at a price you can afford matters more than catching the absolute bottom of a rate cycle that may or may not happen.
Quick answers
Mortgage rates today: common questions
What is today’s average 30-year mortgage rate?
As of August 18, 2026, the average 30-year fixed mortgage rate ranges from 6.53% to 6.71% depending on the lender and survey source. Freddie Mac’s most recent weekly survey (August 13) reported 6.67%. Rates vary by borrower profile—your credit score, down payment, and debt-to-income ratio determine the rate a lender will offer you.
Why did mortgage rates fall this week?
Rates declined modestly after five consecutive weeks of increases. The drop reflects easing concerns about inflation and geopolitical tensions, particularly around the conflict in the Middle East. Treasury yields—which mortgage rates track closely—also eased slightly. However, rates remain elevated compared to earlier in 2026, when they briefly dipped below 6% in February.
Are mortgage rates expected to keep falling?
Major forecasters predict rates will remain in the mid-6% range for the rest of 2026. Fannie Mae expects rates to average 6.4% through year-end, while the Mortgage Bankers Association forecasts 6.5%. Most experts don’t anticipate a return to the sub-6% rates seen briefly in early 2026, and the sub-3% rates of 2020–2021 are unlikely to return in the foreseeable future.
How much does a 0.25% rate difference actually cost?
On a $400,000 mortgage, a 0.25% rate difference (say, 6.50% vs. 6.75%) changes your monthly principal and interest payment by about $58. Over 30 years, that’s nearly $21,000 in additional interest. On a $300,000 loan, the same quarter-point costs about $44 per month or roughly $15,700 over the life of the loan.
Should I refinance if I have a 7% mortgage?
If your current rate is 7% or higher and today’s rates are around 6.5%, refinancing could save you significant money—provided you plan to stay in the home long enough to recoup closing costs (typically 2–5% of the loan amount). On a $300,000 mortgage, moving from 7% to 6.5% saves about $95 per month. Calculate your break-even point: divide your closing costs by your monthly savings to see how many months it takes to break even.
What’s the difference between a mortgage rate and APR?
Your mortgage rate is the interest percentage the lender charges on the loan principal. APR (annual percentage rate) includes the interest rate plus other costs like origination fees, discount points, and mortgage insurance, expressed as a yearly rate. APR gives you a more complete picture of the loan’s true cost and makes it easier to compare offers from different lenders. Always compare APRs, not just rates, when shopping.