The 30-year fixed mortgage rate is 6.69% as of Aug. 6, according to Freddie Mac data. This is a 0.03% increase from the previous week.The 15-year fixed rate is actually down 0.03% to 6.01%. But it’s still over the 6% benchmark.On Feb. 26 — two days before the U.S. and Israel attacked Iran — the 30-year rate finally fell below 6%, giving potential homebuyers hope. Now the 15-year rate, known for being lower than the 30-year rate, is over 6%.You’re probably getting tired of hearing the same story week after week: Mortgage rates are still increasing. What are you supposed to do with that information, especially if you actively want to buy a house soon?Here are three key lessons from Freddie Mac’s mortgage rate news. These will help you put today’s rates in perspective, learn what to expect next, and decide whether you should still buy a home.1. Mortgage rates have reached new highsI’ve been reporting on mortgage rates for years. Anytime I publish an article mentioning that rates are “relatively high,” some readers get upset.Many people remember buying houses back when interest rates were 9% or 10%, and they feel people are overreacting to rates in the mid-6% range.I definitely understand where they’re coming from. But looking at Freddie Mac’s Aug. 6 mortgage rates, I truly cannot deny that mortgage rates are … wait for it … relatively high.First of all, the 30-year fixed mortgage rate is at its highest point in over a year. Looking at the Freddie Mac Archives, it was 6.72% on July 31, 2025.Related: How young adults are actually buying houses right nowBoth the 30-year and 15-year rates have increased year over year. The 30-year rate is up 0.06%, and the 15-year rate has spiked by a whopping 0.26%.Month-over-month interest rates have also risen. The 30-year fixed rate is 0.07% higher than this time last month, and the 15-year rate is up 0.02%.Finally, mortgage rates are above their 52-week averages. The 52-week average 30-year fixed rate is 6.32%, so the current rate is up 0.37%. The 52-week average 15-year fixed rate is 5.62%, putting the rate at 0.39% above the average.Freddie Mac started tracking weekly 30-year fixed mortgage rates in April 1971. Since then, the average 30-year rate is 7.68%. So, yes, the current rate is still below the historical average.But it’s inching closer.And mortgage rates are definitely high when you look at various metrics from the past year.2. Geopolitical issues, inflation, and jobs will dictate what happens nextSo, will mortgage rates go down? And if so, when?Ongoing political and economic issues have made mortgage interest rates unpredictable in 2026. There’s no guarantee that rates will decrease over the next few weeks or months. But three main issues will affect what mortgage rates do next: U.S. tensions with Iran, inflation reports, and jobs data.”The upward move comes despite a choppy week in the bond market: the 10-year Treasury yield hit an 18-month high above 4.7% in late July before pulling back several basis points this week on hopes that the U.S. and Iran are nearing a deal to reopen the Strait of Hormuz,” Realtor.com reported on Aug. 6. “Mortgage rates have been slow to follow that pullback.”The agreement to reopen the Strait of Hormuz is still in the works. Progress toward ending the war with Iran has been volatile. If the Strait reopens, mortgage rates could decrease. But it is far from a done deal.More Mortgage Rates:Cooler PCE inflation data can’t fix today’s mortgage ratesMortgage rate forecast resets after Fed decisionAmericans face home-buying shift after mortgage rate newsNow for jobs data. The U.S. Bureau of Labor Statistics (BLS) will release the monthly jobs report on Friday, Aug. 7. Home loan rates tend to increase when the labor market is strong and decrease when it’s weak.”A stronger-than-expected jobs report could put upward pressure on rates,” Jeff DerGurahian, loanDepot chief investment officer and head economist, said in a statement shared with TheStreet. “And a report close to expectations may be a non-event, while a notably weak report, including softer wage growth or higher unemployment, could support bonds, helping mortgage rates move lower.”Finally, inflation. That seems to be the issue everyone is talking about.The BLS will release the July Consumer Price Index (CPI) on Aug. 12 and the August CPI in Sept. 11. The U.S. Bureau of Economic Analysis will publish the July Personal Consumption Expenditures (PCE) report on Aug. 26.The CPI and PCE are two key measures of inflation. The Federal Reserve will have access to these three reports before its next meeting on Sept. 15-16, when it will decide whether to hike the federal funds rate. This decision will impact mortgage rates.”Unless we see a major technology-sector sell-off or several very weak labor reports, the market will remain focused on whether inflation is cooling or higher energy costs are beginning to work their way more broadly through the economy,” DerGurahian said.
If investors expect the Fed to hike the rate at a meeting, mortgage rates usually start to increase.Xinhua News Agency / Getty Images
3. You shouldn’t necessarily wait to buy a houseBefore jumping into the details of why you shouldn’t wait to buy a home, let me be clear about something. If you cannot afford a home at today’s mortgage rates — or for any reason — I am not encouraging you to just bury your head in the sand and buy anyway.I’m simply saying that if you can afford to buy a house, it doesn’t make sense to wait around for lower mortgage rates.As I mentioned, there is no guarantee that rates will drop significantly in the near future. So waiting around might be fruitless. In the meantime, you’d be losing out on months of gaining equity in your home and building wealth.Let’s say the Strait of Hormuz reopens, the BLS releases a couple of weak jobs reports, and inflation cools. Then mortgage rates might decrease.If that’s the case, the timing might work out for you. By the time you find a house, make an offer, and close on the mortgage, rates may have fallen.”Mortgage rates are likely to remain volatile as the market reacts to economic reports, headlines from the Middle East and movements in global financial markets, so buyers should focus on what works for their financial situation today rather than trying to predict every turn,” DerGurahian said.Focus on what you can control. You cannot control mortgage rates or the overall housing market — but you can decide whether buying a home now is the right financial move for your family.Related: Americans face uncomfortable decision after housing market news