U.S. 30-year mortgage rate rises to 6.69%, highest level in more than a year

The average U.S. 30-year fixed mortgage rate rose to 6.69% on Aug. 6, extending its climb to a fifth consecutive week and reaching levels not seen since 2025 for the second week in a row, according to Freddie Mac data reported by The Associated Press.

The rate increased from 6.66% the previous week. The move raises borrowing costs for people trying to buy homes and makes refinancing less attractive for homeowners who might otherwise replace an existing mortgage.

What changed this week

Freddie Mac’s weekly survey tracks an average rate for 30-year fixed mortgages nationwide. It is a benchmark, not a guaranteed quote for every borrower. Individual offers can vary based on factors such as the borrower and the loan, but the national average provides a widely used measure of the direction of mortgage financing costs.

The latest increase is the fifth straight weekly rise. The Associated Press reported that the average rate has now reached levels not seen since 2025 for two consecutive weeks.

The average 15-year fixed-rate mortgage moved slightly lower during the same week. The source report did not provide a new 15-year rate in the approved material.

Why the rate matters to buyers and homeowners

A higher mortgage rate increases the cost of borrowing for prospective buyers. For households already weighing home prices, down payments, taxes, insurance and other ownership costs, the rate is another factor affecting what monthly payment they can afford.

The increase also reduces the appeal of refinancing. Homeowners generally consider refinancing when a new loan could lower their borrowing costs or otherwise improve their finances. When market rates rise, fewer existing borrowers may find that replacing an older mortgage offers a meaningful advantage.

The weekly rate change comes as the housing market remains sluggish. New-home sales in June were running at a seasonally adjusted annual rate of 628,000, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. That was 5.6% below June 2025.

Housing market context

The June data also showed a median new-home price of $398,300. Inventory represented 9.3 months of supply, a measure that compares the number of homes available with the pace of sales.

Those figures provide context for the mortgage-rate increase without establishing that the weekly rate move caused any particular change in home sales. The approved data does not determine how the latest rise will affect future sales.

For consumers, the immediate development is the continued upward movement in the national 30-year benchmark. Buyers comparing loans should treat 6.69% as an average reference point rather than a promised offer, while homeowners considering refinancing would need to compare their current loan with the terms available to them.

The packet identifies no new federal policy, program change or deadline connected to the Aug. 6 reading. The next development described by the available reporting is continued monitoring of the weekly mortgage-rate trend and its effect on borrowing decisions in a housing market where sales remain below the year-earlier level.