The average 30-year fixed mortgage rate climbed to 6.66%, according to Freddie Mac’s latest Primary Mortgage Market Survey published on August 27. It’s the first increase in three weeks, and while the move from 6.65% might look like a rounding error, it signals that the brief downward drift in borrowing costs has stalled.
The 15-year fixed-rate mortgage saw a slightly larger jump, rising to 5.98% from 5.95% the prior week.
A narrow band with nowhere to go but sideways
Throughout August, mortgage rates have been stuck in a tight range within the mid-6% territory. That range has hovered near the higher end of recent trends, sitting uncomfortably close to September’s earlier peak of 6.69%.
The Mortgage Bankers Association observed a corresponding dip in mortgage application volumes during the same period. Refinance demand, which is particularly sensitive to rate fluctuations, took the biggest hit.
