Investors have all eyes fixed on the Federal Reserve’s annual economic symposium in Jackson Hole, Wyo., as the Fed charts the future direction of the monetary policy in what could be a defining moment for the market’s summer story.
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What to know about current mortgage rates: Mortgage rates are holding steady. According to Money’s daily survey, the rate on a 30-year fixed-rate loan ticked up to 6.752%, an increase of just 0.014 percentage points. Analysts and investors are awaiting comments by Federal Reserve chairman Jerome Powell for more insights into the central bank’s view on the economy and a potential rate cut at its September meeting. Mortgage rates are likely to remain close to the mid-to-high 6% range over the next few days. According to Freddie Mac’s benchmark survey for the week ending August 21, the rate on a 30-year fixed-rate loan averaged 6.58%, unchanged from a week ago. The rate on a 15-year fixed-rate loan edged 0.02 percentage points lower to average 5.69%. Mortgage rate trends Mortgage rates were flat over the past week as the initial optimism over a cooler-than-expected inflation report was dimmed by the producer price index (PPI) report, which measures wholesale prices for goods and services. The PPI report, released on August 14, came in much hotter than anticipated, with wholesale prices recording the largest monthly increase since June 2022. As a result, concerns about rising inflation resurfaced. Market analysts and investors are now waiting for remarks by Federal Reserve chairman Jerome Powell on Friday for more clarity on the state of the U.S. economy. For now, would-be homebuyers should expect rates to remain in the mid 6% range. Average mortgage and refinancing rates for August 21, 2025 Average mortgage rates for August 21, 2025 Loan terms Latest rates 30-year fixed-rate mortgage 6.752% ? 0.014% 15-year fixed-rate mortgage 6.029% ? 0.001% 7/1 ARM 6.135% ? 0.006% 10/1 ARM 6.481% ? 0.014% Average mortgage refinance rates for August 21, 2025 Loan terms Lastest rates 30-year fixed-rate refinance loan 6.79% ? 0.009% 15-year fixed-rate refinance loan 6.049% ? 0.001% 7/1 adjustable-rate refinance loan 6.14% ? 0.005% 10/1 adjustable-rate refinance loan 6.485% ? 0.013% Source: Money.com Money’s daily mortgage rates are a national average and reflect what a borrower with a 20% down payment, no points paid and a 780 credit score — considered an excellent score that qualifies a borrower for the best rates — might pay if they applied for a home loan right now. Each day’s rates are based on the average rate 8,000 lenders offered to applicants the previous business day. Your individual rate will vary depending on your location, lender and financial details. These rates differ from Freddie Mac’s, which represent a weekly average based on a survey of quoted rates offered to borrowers with strong credit, a 20% down payment and discounts for points paid. If you’re offered a higher rate than expected, make sure to ask why and compare offers from multiple lenders. (Money’s list of the Best Mortgage Lenders is a good place to start. Homeowners considering a mortgage refinance should consider our list of the Best Mortgage Refinance Companies.) Use Money’s mortgage calculator to estimate your monthly payment, considering different rate scenarios. Freddie Mac’s mortgage rates for the week ending August 21, 2025 Freddie Mac mortgage rate trends For its weekly rate analysis, Freddie Mac looks at rates offered for the week, ending each Thursday. The average rate roughly represents the rate a borrower with strong credit and a 20% down payment can expect to see when applying for a mortgage right now. Borrowers with lower credit scores will generally be offered higher rates. What you need to know about current mortgage rates Mortgage rates, along with home prices, are an important part of the formula for homeownership. Most importantly, they can be key in determining how much home you can afford to buy. This guide answers some of the most common questions about rates and how they affect the housing market. Types of mortgage rates When shopping for a mortgage, you may be offered two types, each with a different interest-rate arrangement: fixed-rate and adjustable-rate loans. Understanding the difference between the two is important when deciding which will best suit your needs. Fixed-rate mortgages As the name implies, fixed-rate loans have a stable interest rate that won’t change for the loan’s duration. The most common term lengths are 30 and 15 years, although some lenders offer other options. Generally, the interest rate on a 30-year loan will be higher than that on a 15-year loan, but the monthly payment will be lower because you’re extending the payback period. Most home buyers prefer fixed-rate loans because they don’t change; the monthly mortgage payments are relatively constant throughout the life of the loan. However, other costs typically rolled into the mortgage, like homeowners’ insurance and property taxes, can change, leading to variations in your monthly payment over time. Adjustable-rate mortgages (ARMs) The interest rate on adjustable-rate mortgages does not adjust from the beginning. Instead, the rate will be fixed for a predetermined number of years. Once that fixed period ends, the rate becomes variable and adjusts at a regular interval, known as the “adjustment period,” with the period length defined in the mortgage terms. Depending on market conditions, rates could increase or decrease at the end of each period. The most common terms for ARMs are 5/6 loans, in which the interest rate is fixed for five years and then starts to adjust every six months. There are also options for 7/6 loans and 10/6 loans. Because the interest rates on ARMs tend to be lower than those on fixed-rate loans during the initial (fixed-rate) phase, these adjustable loans are a good option for borrowers who don’t plan to stay in the home beyond the fixed-rate period of the loan. Other information you should know about mortgage rates When comparing rates from different lenders, you’ll see two different numbers: the interest rate and the annual percentage rate (APR). The interest rate is what a lender will charge on the principal amount being borrowed. Consider it the basic cost of borrowing money for a home purchase. An APR represents the total cost of borrowing money. It includes the interest rate plus any fees
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