Mortgage rates eased for the second consecutive week, potentially opening a window of opportunity for some borrowers.
In the week ended Thursday, the 30-year, fixed-rate mortgage averaged 6.65% — down from a week earlier, but still higher than at the same time last year, when the average was 6.58%, according to mortgage giant Freddie Mac.
The 15-year, fixed-rate mortgage also eased, averaging 5.95%. It's lower than a week earlier, but higher than it was at the same time in 2025.
Daily mortgage rates, however, increased on Thursday, likely the result of lenders responding to rising oil prices and uncertainty about the war with Iran. The 30-year, fixed-rate mortgage climbed to 6.76%, and the 15-year, fixed-rate mortgage hit 6.3%, according to Mortgage News Daily.
Market stagnating, but borrowers may be adjusting
After a volatile July, mortgage rates have stayed mostly within a narrow — albeit elevated — range in August.
It's offered a slight reprieve for some borrowers, but affordability challenges remain, especially as both daily and weekly measures have surpassed last year's averages. That said, the market has sort of stagnated, and economists largely expect rates to stay in the same range through the end of the year.
However, there are signs that the fall could see more activity as buyers and sellers alike adjust to today's elevated mortgage rate environment.
Exclusive data from Homes.com revealed that in July, home prices rose 2.6% despite strong inventory growth and obstacles in the mortgage market. In other words, the housing market is surprisingly stable even though it faces challenges, according to Brad Case, chief residential economist for Homes.com.
"Year-over-year growth in the inventory of homes for sale hasn't been this strong since last October," he told Homes.com News earlier this week. "What that means is that the mortgage rate 'lock-in effect' has eased decisively: Sellers have put their homes on the market because they're not put off by the idea of becoming buyers at today's mortgage rates."
This story was originally written by Moira Ritter for Homes.com News.