An article summarized by Fox Business:

Mortgage rates fell for the second consecutive week, with the average 30-year fixed mortgage rate dropping to 6.65% from 6.67% the previous week, according to Freddie Mac. The average 15-year fixed rate also edged lower to 5.95%. While the decline offers modest relief for homebuyers, rates remain above last year's levels, when the 30-year average was 6.58%. Freddie Mac's chief economist also encouraged borrowers to shop around, noting that finding a lower rate could save homeowners thousands of dollars.

Mortgage rates are influenced by several factors, particularly the 10-year Treasury yield, rather than directly tracking Federal Reserve decisions. The 10-year yield was around 4.7% Thursday, while longer-term Treasury yields have climbed significantly. Recent Treasury auctions saw the 10-year note reach a 4.683% yield, the highest in 19 years, while the 30-year bond reached 5.216%, its highest level in 25 years.

High Treasury yields have been partly driven by concerns about the federal government's growing debt and an expected $2.1 trillion budget deficit this fiscal year, according to the Congressional Budget Office. Economists warn that continued market volatility could push mortgage rates higher in the near term, although mortgage rates have not risen as sharply as some longer-term Treasury yields. For buyers, the latest drop provides some short-term relief, but elevated borrowing costs continue to make housing affordability a challenge.

For the article: https://www.foxbusiness.com/economy/mortgage-rates-8-20-2026