30-Year Mortgage Rates Rise, 15-Year Rates Fall

Mortgage rates moved in different directions last week, according to data from the Federal Reserve Bank of St. Louis. The average fixed 30-year mortgage rate rose to 6.69% for the week ending August 6, adding pressure for buyers already facing affordability challenges. Meanwhile, the average fixed 15-year mortgage rate slipped slightly to 6.01%. The shift means borrowers may see different tradeoffs depending on loan length, monthly payment goals, and refinancing plans. Housing market activity could remain sensitive to even small rate changes, as buyers weigh higher borrowing costs against home prices and available inventory.