Mortgage Rates Tick Up: 30-Year Averages 6.75% Today

Average mortgage and refinance rates rose slightly as of August 12, 2026, according to national data, as prospective homebuyers continue to navigate high borrowing costs and limited housing inventory.

The average 15-year mortgage rate stands at 6.13%, while the 30-year mortgage rate is 6.75%. For homeowners looking to refinance, the average 15-year refinance rate is 6.14% and the 30-year refinance rate is 7.14%.

Actual rates borrowers qualify for can vary based on location, credit profile, loan type and other individual factors.

"Over the past two years, as the Fed has increased interest rates, borrowing has become more expensive," said Taylor Jessee, a certified financial planner and founder of Impact Financial. He noted that in 2020, mortgage rates between 2% and 3% were easily attainable, compared with the 6% to 7% range seen today. "If the Fed stops raising rates then I'd anticipate mortgage rates to also stop going up. That's good news for borrowers," Jessee said.

Despite the higher-rate environment, both new homebuyers and current homeowners can still improve their chances of securing favorable terms. The Consumer Financial Protection Bureau states that "the best rates go to borrowers with credit scores in the mid- to high-700s or above," who typically also have more lender options available to them.

Borrowers are advised to pay bills on time, check credit reports for errors, and avoid opening new credit lines shortly before applying for a mortgage. Shopping around among multiple lenders — including those beyond a borrower's current mortgage servicer when refinancing — can also lead to better rates and terms.

When comparing loans, borrowers should weigh loan term length, since 15-year loans typically carry lower rates than 30-year loans, along with fees and closing costs that affect the overall cost of borrowing. Financial experts recommend locking in a rate once a decision is made to avoid increases before closing.