Average 30-year fixed mortgage rates remain at 6.50% as bond market volatility offsets government bond purchase efforts.
US mortgage rates showed minimal movement on August 21, 2026, with the average 30-year fixed rate at 6.50%, down just 2 basis points from the previous day. The 15-year fixed rate rose 8 basis points to 6.00%, while the 5/1 adjustable-rate mortgage fell 29 basis points to 6.25%. These rates linger near one-year highs despite Treasury Secretary Scott Bessent’s bond buyback program aimed at stabilizing yields.
Refinance rates followed a similar pattern, with the 30-year fixed refinance rate at 6.60%, slightly above purchase rates. The 15-year refinance rate stood at 5.93%, reflecting persistent spreads between purchase and refinance products. Bond market volatility continues to drive rate fluctuations, countering efforts to ease borrowing costs.
Market reaction has been muted, with lenders adjusting margins rather than passing on rate cuts to consumers. The divergence between government intervention and mortgage rate stability underscores ongoing challenges in housing affordability.