Yes, mortgage interest rates are slightly higher today.
The average interest rate on a 30-year, fixed-rate mortgage is now at 6.57% APR, which is two basis points higher than Friday but six basis points lower than a week ago. (See chart below for details.) A basis point is one one-hundredth of a percentage point.
For more information on the government’s actions regarding interest rates, continue reading below the chart.
Average mortgage rates, last 30 days
🤓 Kate on Rates: August 20, 2026
📈 What influences mortgage rates?
Last Wednesday, the Department of the Treasury announced it would double the scale of its buybacks for longer-term bonds from $2 billion to $4 billion to lower bond yields and prices.
If there is a surprise in the PCE in either direction, it could potentially change market expectations surrounding the Federal Reserve.
Consider refinancing if current rates are 0.5 to 0.75 percentage points lower than your current rate, and if you plan to stay in your home long enough to recoup closing costs. With rates where they are now, it might be a good time to refinance if your current rate is 7.07% or higher.
When thinking about refinancing, consider your goals. Whether you want to lower your monthly payment, shorten your loan term, or access home equity, make sure to compare costs and benefits. Use tools like BW’s refinance calculator to estimate savings and break-even points.
There is no perfect time to start shopping for a home; the key is whether you can comfortably afford a mortgage at current rates. Don’t worry too much about potential rate drops in the future – focus on getting preapproved, comparing offers, and determining a monthly payment that fits your budget. BW’s affordability calculator can help you with this.
If you have a mortgage quote you’re happy with, consider locking in your rate, especially if your lender offers a float-down option. Rate locks protect you from rate increases during the loan processing period, providing peace of mind in a fluctuating market.
It’s important to remember that advertised rates are often samples for borrowers with excellent credit, large down payments, and who pay for mortgage points. The rate you receive may differ based on your individual financial situation. Rewrite the sentence.