T
oday, mortgage rates have shown a mixed trend with purchase rates rising slightly while refinance rates remain mostly stable. The average 30-year fixed mortgage rate increased to 6.74%, up 3 basis points from the previous day and 6 basis points from last week, indicating a slow upward movement. Meanwhile, the 30-year fixed refinance rate held steady at 6.99%, reflecting stability in refinancing costs.
Key Takeaways:
* The national average 30-year fixed mortgage rate rose to 6.74%, up 0.06% from last week.
* 15-year fixed mortgage rates declined slightly to 5.77%.
* 5-year ARM mortgage rates increased to 7.40%.
* The 30-year fixed refinance rate remained stable at 6.99%, up 0.04% over the past week.
Mortgage rates are expected to remain above 6% for the foreseeable future, with potential easing later in 2025 or early 2026. Current mortgage rates show a small uptick for most fixed-rate loans across the board, with some variety depending on the loan type and term length.
For government-backed loans:
* Loan Program
+ Rate
+ Week Change
+ APR
+ APR Week Change
30-Year Fixed FHA
6.36%
-0.01%
7.38%
-0.01%
30-Year Fixed VA
6.20%
+0.05%
6.40%
+0.05%
For homebuyers, the 30-year fixed-rate mortgage at 6.74% means slightly higher monthly payments than a week ago, but still quite stable compared to rapid fluctuations earlier in 2025. To put this into perspective, consider a loan amount of $300,000:
* At a 6.74% rate for 30 years, the principal and interest payment would be approximately $1,943 per month.
* A month ago, at 6.68%, the payment was about $1,935, showing a small but noticeable increase.
Refinancing landscape as of August 11, 2025, shows relative stability with the 30-year fixed refinance rate holding steady at 6.99%, up just 4 basis points from last week.
The Federal Reserve's monetary policy plays a huge role in mortgage rates. In 2025, the Fed has maintained current federal funds rates, holding steady through July after three rate cuts in late 2024. Market experts expect mortgage rates to stay above 6% through 2025, potentially declining closer to 6% in late 2025 or early 2026 if rate cuts happen.
Several organizations have offered their forecasts:
* Organization
+ Forecast for 30-Year Fixed Rate
+ National Association of REALTORS
- Average 6.4% in H2 2025, dipping to 6.1% in 2026
+ Realtor.com
- Rates easing slowly to about 6.4% by year-end 2025
+ Fannie Mae
- End of 2025 at 6.5%, dipping to 6.1% in 2026
Mortgage rate types help buyers and refinancers make better choices:
* Fixed-rate mortgages (30, 20, 15 years) offer predictable payments over the loan term.
* Adjustable-rate mortgages (ARMs) start with a lower rate that can increase over time.
The mortgage market is finely tuned to economic developments, especially around inflation, employment data, and Federal Reserve policy decisions. As of August 2025:
* The upcoming Fed meeting in mid-September is critical; markets are pricing in potential rate cuts.
* Economic uncertainty and inflation persistence may keep mortgage rates elevated.
* Buyers should expect mortgage rates above 6% for the foreseeable future but watch for potential drops late 2025 or early 2026.
