Current mortgage rates — week of August 13, 2026

Today's rates by loan type

Different loan programs carry different rates. Government-backed loans (FHA, VA, USDA) often offer lower base rates than conventional loans, but they come with mortgage insurance costs that affect your total APR. Here's the full breakdown for the week of August 18, 2026.

Rates by credit score — how your score affects your rate

Your credit score is one of the biggest factors in the rate you'll receive. Here's how today's rates break down by credit score tier for a 30-year conventional loan.

The difference between a 760+ score and a 620 score is 1.45% in rate — which translates to about $312 per month and over $112,000 in extra interest over 30 years. If your score is below 740, improving it before applying could be the most valuable financial move you make. See our full guide on credit scores for buying a house.

Why rates are sitting where they are

The 30-year fixed climbed through the summer of 2026, rising from a February low of 6.05% to a peak of 6.69% in early August — then easing slightly to 6.67% in the week of August 13. The chart above shows the full round trip: rates fell steadily from January's 6.96% peak through the spring, bottomed out in February, then reversed course as inflation data came in hotter than expected. The story behind the climb is the Federal Reserve: after a series of pauses, the Fed has held its benchmark rate at 3.50%-3.75% and signaled it is in no hurry to cut, with Fed-funds futures pricing little to no easing before late 2027.

Mortgage rates track the 10-year Treasury yield far more closely than they track the Fed's overnight rate, and Fannie Mae's Economic and Strategic Research Group expects the 10-year to stay elevated as CPI inflation runs near 4.5% before gradually cooling. As long as Treasury yields stay elevated, the floor under mortgage rates stays firm — which is why forecasters see the 30-year stuck in the low-to-mid 6% range rather than retreating toward the 5% range many buyers are waiting for.

There is a sliver of good news in the term structure: the 15-year fixed at 5.96% remains meaningfully below the 30-year rate, and both terms have eased slightly from their weekly peaks in early August. Buyers who can carry the higher monthly payment of a shorter term continue to get a relatively better deal. For everyone else, the practical takeaway is unchanged — waiting for significantly lower rates is unlikely to pay off in this environment.

Mortgage rate forecast for 2026–2027

The bottom line: both Fannie Mae and the MBA expect rates to remain in the low-to-mid 6% range through 2027, with the MBA notably more conservative — projecting rates to hold near 6.5% all the way through 2028. A meaningful drop below 6% is not expected unless inflation falls significantly or the economy weakens enough to force Fed rate cuts.

This means that if you're shopping for a home and find one you love at a price you can afford, waiting for lower rates is likely not worth it — especially with home prices continuing to rise in most markets. You can always refinance later if rates drop.

The state of the U.S. mortgage market in 2026

Rates are only half the story. To understand where you stand as a borrower in 2026, it helps to see the shape of the whole market — how much lending is happening, how the mix is split between people buying homes and people refinancing, and what that means for competition and pricing. The Mortgage Bankers Association's 2026 outlook gives us the clearest picture.

After two of the slowest years for mortgage lending in a decade, 2026 is a modest recovery rather than a boom. The MBA projects total single-family origination volume of $2.2 trillion, up about 8% from the roughly $2.0 trillion in 2025, spread across 5.8 million loans (up from 5.4 million). The growth is being driven less by falling rates than by something more durable: more homes coming onto the market.

The single most important shift for buyers in 2026 is on the supply side. For three years, the "lock-in effect" — millions of homeowners sitting on 3% pandemic-era mortgages and refusing to sell — kept inventory historically tight and propped up prices. That logjam is finally loosening as life events (jobs, family, retirement) force moves regardless of rate. The MBA notes that rising housing supply is expected to flatten home-price growth, which, combined with rates that have stopped climbing, is slowly improving affordability even though rates themselves aren't falling.

Refinancing tells a quieter story. With most existing mortgages carrying rates below today's 6.67%, there is no broad refinance wave — and there won't be one until rates fall meaningfully. Instead, the MBA expects periodic bursts of refi activity during the brief windows when rates dip, much like the pattern seen in February 2026 when the 30-year briefly touched 6.05%. If you bought in 2023 or 2024 at a rate in the 7% range, those dip-windows are the ones worth watching with our term comparison and a standing rate alert.

5 ways to lock the lowest possible rate

Frequently asked questions