U.S. mortgage rates enter Monday, Aug. 10, near their highest levels in a year, but an early decline in Treasury yields offers borrowers a possible sign of relief after several weeks of risin
U.S. mortgage rates enter Monday, Aug. 10, near their highest levels in a year, but an early decline in Treasury yields offers borrowers a possible sign of relief after several weeks of rising financing costs.
The latest Freddie Mac Primary Mortgage Market Survey put the average 30-year fixed mortgage rate at 6.69% as of Aug. 6, up from 6.66% a week earlier. The rate has climbed steadily from 6.49% on July 9 and is now at its highest level since July 2025. Meanwhile, the average 15-year fixed mortgage rate slipped to 6.01% from 6.04%.
The longer-term chart shared by Charlie Bilello puts today's borrowing costs in perspective. Mortgage rates remain well below the double-digit levels seen during parts of the 1970s and 1980s, but they are still far above the historic low of 2.65% reached in early 2021.
U.S. 30-Year Fixed Mortgage Rate, 1971-2026. Source: Charlie Bilello on X
For homebuyers, even relatively small changes in rates can have a noticeable effect on affordability. At a 6.69% rate, principal and interest on a $400,000, 30-year mortgage would be about $2,578 a month, excluding taxes, insurance and other housing costs.
The Mortgage Bankers Association's latest displayed weekly averages also show borrowing costs remaining elevated. MBA lists the 30-year fixed application rate at 6.76%, the jumbo rate at 6.70%, the 15-year rate at 6.15%, the FHA rate at 6.41% and the 5-year adjustable-rate mortgage at 5.98%. These figures use a different methodology from Freddie Mac and should not be treated as directly interchangeable.
Mortgage rates tend to track movements in longer-term bond yields more closely than the Federal Reserve's overnight policy rate. The CNBC chart you supplied showed the 10-year Treasury yield at 4.652% at 1:35 a.m. EDT Monday, slightly lower in early trading.
U.S. 10-Year Treasury Yield, One-Year Chart. Source: CNBC
That comes after Treasury yields climbed sharply during the past several months. Official Federal Reserve data showed the 10-year yield at 4.75% on July 31, before easing to 4.63% on Aug. 4 and Aug. 5 and rebounding to 4.69% on Aug. 6.
The latest move follows Friday's surprisingly weak July employment report, which showed U.S. payrolls falling by 23,000 while May and June employment figures were revised lower by a combined 103,000 jobs. The softer labor picture reduced some expectations for tighter monetary policy.
The Federal Reserve held its federal funds target range at 3.50% to 3.75% on July 29, although three policymakers favored a quarter-point increase as inflation remained above the Fed's 2% goal.
Attention now shifts to the July Consumer Price Index report on Wednesday, Aug. 12, followed by producer-price data Thursday. A softer inflation reading could keep Treasury yields under pressure and improve the outlook for mortgage rates. A hotter report could reverse Monday's bond-market move and push borrowing costs higher again.
For now, 6.69% remains the latest official Freddie Mac national weekly average, not a live Monday lender quote. The early drop in the 10-year Treasury yield suggests mortgage pricing could improve, but lenders' Monday rate sheets will provide the next confirmation.
