Average market rates for August 10, 2026 are 6.69% for 30-year fixed purchase and 6.75% for 30-year fixed refinance
| Product | Rate | APR |
|---|---|---|
| 30-year Fixed Purchase | 6.69% | 6.73% |
| 30-year Fixed Refinance | 6.75% | 6.79% |
National Mortgage Rate Trends
| Product | Rate | APR |
|---|---|---|
| 30-year Fixed Purchase | 6.69% | 6.73% |
| 30-year Fixed Jumbo Purchase | 6.79% | 6.81% |
| 15-year Fixed Purchase | 5.85% | 5.92% |
| 30-year Fixed Fha Purchase | 6.07% | 7.28% |
| 30-year Fixed Usda Purchase | 6.06% | 6.23% |
Mortgage Rates for Conventional Purchase Loans
| Product | Rate | APR |
|---|---|---|
| 30-year Fixed Purchase | 6.69% | 6.73% |
| 20-year Fixed Purchase | 6.51% | 6.56% |
| 15-year Fixed Purchase | 5.85% | 5.92% |
Mortgage Rates for Conventional Refinance Loans
| Product | Rate | APR |
|---|---|---|
| 30-year Fixed Refinance | 6.75% | 6.79% |
| 15-year Fixed Refinance | 5.83% | 5.89% |
Mortgage Rates for Non-Conforming (Jumbo) Loans
| Product | Rate | APR |
|---|---|---|
| 30-year Fixed Jumbo Purchase | 6.79% | 6.81% |
| 30-year Fixed Jumbo Refinance | 6.86% | 6.88% |
| 15-year Fixed Jumbo Purchase | 6.19% | 6.22% |
| 15-year Fixed Jumbo Refinance | 6.20% | 6.23% |
Mortgage Rates for Government-Backed Loans
| Product | Rate | APR |
|---|---|---|
| 30-year Fixed Fha Purchase | 6.07% | 7.28% |
| 30-year Fixed Usda Purchase | 6.06% | 6.23% |
| 30-year Fixed Va Purchase | 6.15% | 6.31% |
How we source rates and rate trends
How Mortgage Rates Work
When setting out to get a home loan, securing a low mortgage rate is often the #1 priority.
Several factors affect your ability to get a low rate — your credit score, your down payment, the property you’re buying, the loan term, how much you borrow, and even when and where you’re borrowing can all play a role.
Finding the best mortgage rate is only one piece of the puzzle, however. Other factors — such as closing costs and loan type — will also affect your overall costs.
Factors That Determine Mortgage Rates
Several factors influence the interest rate you receive on a mortgage:
- Economic Conditions: During periods of strong economic growth, demand for credit tends to increase, which can push interest rates — including mortgage rates — higher. In times of economic slowdown, central banks may lower rates to stimulate borrowing and spending, bringing mortgage rates down.
- Federal Reserve Policy: The Federal Reserve’s monetary policy decisions — including adjustments to the federal funds rate — heavily influence mortgage interest rates. When the Fed raises rates, borrowing costs across the economy typically increase; when it cuts rates, mortgage rates often follow.
- Inflation: Inflation erodes the purchasing power of money over time. In periods of high inflation, lenders generally charge higher interest rates to compensate for the reduced value of future repayments — which translates to higher mortgage rates.
- Credit Score: Your credit score plays an enormous role in determining your rate. Lenders use it to gauge the risk of lending to you — a higher score typically means a lower mortgage rate.
- Loan Type and Duration: The type of loan and its length both affect the rate. Fixed-rate mortgages tend to carry higher initial rates than adjustable-rate mortgages, though adjustable rates can increase over time. Shorter loan terms typically come with lower rates.
Comparing Lenders and Mortgage Rates
The Annual Percentage Rate (APR) is a more comprehensive measure of the true cost of borrowing than the interest rate alone. APR encompasses the mortgage rate plus other loan costs — including lender fees, discount points, mortgage insurance, and closing costs — and is expressed as a percentage. Because it includes these additional costs, APR will always be equal to or higher than the stated mortgage rate.
Comparing lenders using APR rather than just the base rate gives you a clearer, apples-to-apples view of what each loan actually costs.
Tips to Get the Best Mortgage Rate
Even a small difference in interest rates can mean thousands of dollars saved or spent over the life of a loan. Here are some strategies to help you secure the most favorable rate:
- Improve Your Credit Score: Paying bills on time, reducing outstanding debt, and reviewing your credit report for errors can all help boost your score — and your rate.
- Shop Around: Different lenders offer different rates. Comparing multiple lenders helps you understand the full range of available rates, fees, and terms.
- Consider Different Loan Types: Different loan programs may offer better rates depending on your circumstances and the economic environment. For example, VA loan rates typically come in below conventional rates for eligible borrowers.
- Review Closing Costs: When comparing loan offers, don’t focus solely on the rate — factor in closing costs as well. A lower rate with high fees may cost more overall than a slightly higher rate with minimal fees.
With a solid understanding of what drives mortgage rates and how to compare offers, you’ll be well-positioned to secure a favorable rate and save money over the life of your loan.
Ready to see what rate you qualify for? Find out if you can lower your rate at Refi.com or start your application today.
