Yes, mortgage interest rates are slightly higher today.
The average interest rate on a 30-year fixed-rate mortgage is now 6.64% APR, which is up by eight basis points from yesterday and 10 basis points from a week ago. A basis point is one one-hundredth of a percentage point.
This increase follows a significant inflation report released this morning, showing that inflation is above expectations and the Federal Reserve’s target.
Average mortgage rates, last 30 days
🤓 Kate on Rates: August 20, 2026
What influences mortgage rates?
Mortgage rates are constantly changing based on reactions to new inflation reports, job numbers, Fed meetings, global news, and more. Even small changes in the bond market can impact mortgage pricing.
This morning, the Bureau of Economic Analysis released the Personal Consumption Expenditures Price Index, showing a slight increase in inflation, which has been driving bond yields and mortgage rates up.
Despite higher-than-expected inflation, the futures traders behind CME FedWatch predict a 60% chance that the Fed will keep rates steady in September.
Refinancing may be a good option if your current rate is significantly higher than today’s rates.
Should I start shopping for a home?
Timing is less important than being able to afford a mortgage at today’s rates. Focus on getting preapproved, comparing offers, and determining a monthly payment that fits your budget.
Should I lock my rate?
If you have a quote you’re happy with, consider locking your rate to protect against market fluctuations.
Why is the rate I saw online different from the quote I got?
The advertised rate is typically a sample rate for borrowers with excellent credit, large down payments, and paying for mortgage points. sentence: Please rewrite the sentence for me.