Mortgage rates edged lower this week, with the 30-year fixed-rate mortgage averaging 6.67% as of August 13, 2026, down from 6.69% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey released yesterday. The two-basis-point decline offers borrowers a small reprieve after rates climbed to their highest levels in nearly a year during late July and early August.
The drop comes as 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’s Chief Economist Sam Khater noted. While today’s rates remain elevated compared to the sub-6% levels seen briefly in February 2026, they’re still lower than the 7%-plus rates that squeezed buyers throughout much of 2024 and early 2025.
For anyone shopping for a home or considering a refinance, understanding where rates stand right now—and where they’re headed—can make a difference of tens of thousands of dollars over the life of a loan.
This week’s numbers
What mortgage rates look like today
Multiple data sources show rates in the mid-to-high 6% range, with variation by lender and loan type.
Freddie Mac’s official survey shows the 30-year fixed-rate mortgage at 6.67% as of August 13, down from 6.69% last week, while the 15-year fixed-rate mortgage averaged 5.96%, down from 6.01%. That’s the benchmark rate for borrowers with excellent credit and a 20% down payment applying for a conventional conforming loan.
Real-time lender data shows slightly different numbers depending on the source. According to the Mortgage Research Center, the average 30-year fixed mortgage rate is 6.61%, the 15-year fixed rate is 5.78%, and the 30-year jumbo mortgage rate is 6.76%. Zillow’s marketplace data from Friday, August 14 shows the 30-year fixed at 6.65% and the 15-year at 6.07%, up slightly from Thursday’s readings as fixed rates ticked higher.
The variation across sources reflects the difference between weekly survey averages and daily snapshots from individual lenders. Your actual rate will depend on your credit score, down payment, debt-to-income ratio, loan type, and the lender you choose.
Key rate movements
30-year fixed: 6.67% (Freddie Mac, week ending Aug 13) – down 2 basis points from 6.69%
15-year fixed: 5.96% (Freddie Mac) – down 5 basis points from 6.01%
Compared to last year: The 30-year averaged 6.58% and the 15-year averaged 5.71% a year ago
Recent high: Rates hit 6.81% in the week ending July 31, the highest level in a year
What’s driving rates
Why rates spiked in July, then eased
Geopolitical tensions, inflation concerns, and shifting Fed expectations have all played a role.
Mortgage rates don’t move in a vacuum. Rates were slowly trending downward earlier this year, hitting a low of 5.98% in February, but the path since then has been anything but smooth. 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.
The rise in late July tracked higher Treasury yields, while renewed hostilities in the Middle East pushed oil prices higher, raising inflation concerns. Higher oil prices feed into broader inflation measures, which in turn influence the Federal Reserve’s interest rate policy—and mortgage rates follow Treasury yields closely.
This week’s modest decline came after a weaker-than-expected jobs report reduced expectations for an imminent Fed rate hike, pulling Treasury yields and mortgage rates down with them. A cooler-than-expected CPI reading eased inflation worries, and soft producer-price and jobless-claims data reinforced the pullback earlier in the week.
The Federal Reserve has held its benchmark federal funds rate steady at 3.50% to 3.75% since the start of 2026, after cutting the rate at its September, October, and December 2025 meetings. At its January, March, April, and June 2026 meetings, the central bank continually hit pause, holding rates steady to assess how previous cuts were working through the economy, and again opted to leave rates unchanged during its July meeting, though a handful of committee members voted to increase the rate by a quarter-point.
You can track current mortgage rates and compare lenders on our financing guide, and Freddie Mac publishes the official Primary Mortgage Market Survey data each week on its website.
What it means for you
How today’s rates affect buying power
Even small rate changes add up to real money over 30 years.
A 6.67% rate on a 30-year fixed mortgage is far from the rock-bottom rates of 2020 and 2021, but it’s also a meaningful improvement from the 7%-plus rates that dominated the market through much of 2024. The question for most buyers: is it worth acting now, or waiting for rates to fall further?
Here’s the math. On a $200,000 loan over 30 years, a 6% rate costs $1,199 monthly versus $955 at 4%. At today’s 6.67% rate, that same $200,000 loan would cost roughly $1,283 per month in principal and interest. Over the life of the loan, you’d pay about $261,880 in total interest.
If rates drop to 6.4%—where Fannie Mae’s June 2026 Housing Forecast projects rates will hover for the rest of 2026—that monthly payment would fall to about $1,252, saving $31 per month or roughly $11,160 over 30 years. That’s real money, but it’s not necessarily enough to justify waiting months while home prices continue to rise and inventory tightens in many markets.
Freddie Mac finds one extra rate quote saves borrowers roughly $600 over a loan’s life, and three quotes up to $1,200. Shopping around among lenders can deliver immediate savings that rival waiting months for a rate drop that may or may not materialize.
If you’re a first-time buyer, check whether you qualify for down payment assistance programs or zero-down loan options that can offset the impact of higher rates. And if your credit score needs work, our bad credit guide explains how to improve your rate eligibility before you apply.
Rate shopping tips
Get quotes from at least three lenders—banks, credit unions, and online lenders all price differently. Ask for a Loan Estimate within three days of applying so you can compare apples to apples. Lock your rate when you’re within 30-45 days of closing, especially if rates are volatile. And remember: the lowest rate isn’t always the best deal if it comes with high fees. Calculate the total cost over the time you plan to own the home.
Looking ahead
Where rates are headed next
Expert forecasts expect rates to stay in the mid-6% range through year-end.
No one has a crystal ball, but the major housing finance agencies and industry groups all publish regular forecasts. 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 Mortgage Bankers Association forecasts 30-year fixed mortgage rates of 6.5% in Q3 and Q4 of 2026.
A June Reuters poll of property specialists found that the current mid-6% mortgage rate is “not expected to fall meaningfully any time soon,” though it did predict rates will decrease a bit through the end of the year, to 6.4% in Q3 and 6.3% in Q4. Zillow’s latest housing market forecast expects mortgage rates to stay above 6% throughout 2026, despite some gradual easing.
The consensus: expect rates to drift modestly lower through the fall, but don’t count on a return to 5% or below anytime soon. Wells Fargo predicts that mortgage rates bottomed out at 6.18% in the first quarter of 2026 and will increase slightly in subsequent quarters, suggesting the February low may have been the floor for this cycle.
What could change the forecast? A sharper-than-expected slowdown in inflation, a recession that prompts aggressive Fed rate cuts, or a resolution to geopolitical tensions could all push rates lower. On the flip side, persistent inflation or renewed conflict in the Middle East could push rates back toward 7%.
The takeaway: if you’re ready to buy and you find the right home at the right price, today’s rates are workable—and you can always refinance later if rates fall meaningfully. In a May 2026 U.S. News survey, nearly two-thirds of homebuyers (62%) were waiting for mortgage rates to fall before buying a home; however, the same amount (62%) put off buying a home in 2025 because they were waiting for rates to fall—and they didn’t. Meanwhile, home prices kept rising.
For state-specific programs and assistance, check our state-by-state guide to find local resources that can help offset the cost of higher rates.
Quick answers
Mortgage rates today: common questions
What is today’s mortgage rate for a 30-year fixed loan?
As of August 14, 2026, the 30-year fixed mortgage rate is 6.67% according to Freddie Mac’s official survey (for the week ending August 13). Real-time lender data shows rates ranging from 6.61% to 6.65% depending on the source. Your actual rate will depend on your credit score, down payment, loan type, and lender.
Are mortgage rates going up or down right now?
Rates moved down this week, falling from 6.69% to 6.67% on the 30-year fixed. They’re coming off a near one-year high of 6.81% in late July. Most forecasters expect rates to drift modestly lower through the fall, settling in the 6.3% to 6.5% range by year-end, but don’t expect a dramatic drop.
How do today’s rates compare to last year?
The 30-year fixed rate is slightly higher than a year ago, when it averaged 6.58% in mid-August 2025. However, rates are still well below the 7%-plus levels seen throughout much of 2024 and early 2025, and significantly lower than the 2023 peak above 7.5%.
Should I wait for rates to drop before buying a home?
That depends on your local market and financial situation. In a May 2026 survey, 62% of buyers said they were waiting for lower rates—the same percentage who waited in 2025 and missed out as home prices rose. If you find the right home at the right price and can afford the payment, buying now and refinancing later if rates fall may be smarter than waiting indefinitely.
How much does a 0.5% rate difference really cost?
On a $300,000 loan, the difference between 6.5% and 7.0% is about $95 per month, or $34,200 over 30 years. The difference between 6.0% and 6.5% is about $93 per month, or $33,480 total. Even small rate differences add up, which is why shopping multiple lenders and timing your lock carefully both matter.
What’s the best way to get the lowest rate?
Improve your credit score above 740, save for a larger down payment (20% avoids PMI and unlocks better rates), lower your debt-to-income ratio, shop at least three lenders, consider paying points if you’ll stay in the home long enough to break even, and lock your rate when you’re 30-45 days from closing.