Mortgage Rates Today: 30-Year Rate Rises to 6.69% Ahead of Jobs Report

U.S. mortgage rates remain elevated Friday, Aug. 7, with the average 30-year fixed mortgage rate rising to 6.69% in Freddie Mac’s latest weekly reading. Borrowers are also watching Treasury yields and today’s U.S. jobs report, two factors that could determine whether home loan rates move higher or ease next.

What Are Mortgage Rates Today?

Freddie Mac reported that the average 30-year fixed mortgage rate reached 6.69% as of Aug. 6, up from 6.66% the previous week and 6.58% on July 23. The average 15-year fixed mortgage rate slipped to 6.01% from 6.04%, although it remains above the 5.75% level recorded a year ago.

U.S. Mortgage Rates.  Source: Freddie Mac

The chart shows mortgage rates falling early in 2026 before reversing higher during the spring and summer. The recent increase has been more noticeable in the 30-year rate, the most widely followed benchmark for U.S. homebuyers.

Freddie Mac’s figure is a weekly national average based on thousands of mortgage applications rather than a single lender quote. More frequently updated data from Mortgage News Daily put its 30-year fixed average at 6.77% on Thursday, up from 6.75% a day earlier. Its 15-year fixed rate stood at 6.30%.

Why Are Mortgage Rates Staying High?

Mortgage rates do not move directly with the Federal Reserve’s benchmark interest rate. They tend to follow longer-term bond-market conditions, particularly the 10-year U.S. Treasury yield, along with the extra return investors demand to own mortgage-backed securities.

Mortgage News Daily showed the 10-year Treasury yield near 4.67% early Friday, after closing Thursday at 4.681%. Elevated Treasury yields make it harder for mortgage rates to fall substantially, even when the Fed leaves its own policy rate unchanged.

30-Year Mortgage Rate vs. 10-Year Treasury. Source: Mortgage News Daily

The five-year chart makes that relationship clear. Mortgage rates and Treasury yields do not move point for point, but major changes in the 10-year yield have generally been accompanied by similar directional moves in home borrowing costs.

Jobs Report Could Move Mortgage Rates Next

Friday’s biggest potential catalyst arrives at 8:30 a.m. ET, when the Bureau of Labor Statistics releases the July employment report. A stronger labor market could push bond yields higher if investors expect inflation and interest rates to remain elevated. A weaker report could pull Treasury yields lower and give mortgage rates room to ease.

The data also matters for Federal Reserve expectations. The Fed held its federal funds target range at 3.50% to 3.75% on July 29, but three policymakers voted for a quarter-point rate increase. Officials said inflation remains above their 2% goal, keeping incoming economic data central to future policy decisions.

Higher Rates Continue to Pressure Mortgage Demand

Borrowing costs are already affecting housing activity. The Mortgage Bankers Association said mortgage applications fell 2.9% in the latest weekly survey, showing that buyers and refinancers remain sensitive to rates near current levels.

There are some offsets for buyers. Freddie Mac noted that for-sale inventory has improved from the tight conditions seen in recent years, while listing prices are modestly below their year-ago level. Still, financing costs remain a major affordability hurdle.

For mortgage rates today, the key number to watch is the 10-year Treasury yield after the jobs report. A sustained decline in yields could improve mortgage pricing, while another bond-market sell-off would keep pressure on 30-year rates.