US mortgage rates climb back above consensus range to 6.69%

The average 30-year fixed mortgage rate climbed to 6.69% by early August 2026, according to Freddie Mac, pushing above the 6.0% to 6.5% range most consensus forecasts had projected for the third and fourth quarters of the year. Meaningful declines that would push rates below 6% were widely viewed as unlikely before 2027, as inflation remained elevated and a resilient labor market gave the Federal Reserve little reason to cut rates further.

Despite the higher rates, Realtor.com projected a 1.9% year-over-year decrease in typical monthly mortgage payments, driven by softer home price growth combined with steadier rates compared to the sharper swings of prior years. Strong wage growth was also expected to help more prospective buyers afford housing payments even at elevated prices and rates, though analysts cautioned that waiting for a broad national price decline remained an unlikely strategy for most buyers.