Mortgage rates that low would be welcomed by borrowers looking to buy a home or refinance their existing mortgages.

Current mortgage rates are up, but lower than they were seven days ago. Rates are lower than they were in early 2025, when the average 30-year fixed-rate mortgage reached above 7%. But rates are still relatively high as fears around stubborn inflation have kept the Federal Reserve from lowering its benchmark rate so far this year.

The average rate on 30-year fixed home loans registered 6.63% for the week ending Aug. 7, down from 6.72% last week.