Mortgage rates today moved higher on Monday, August 3, keeping borrowing costs close to 6.8%. The increase adds pressure for buyers already facing high prices and limited affordability. Refinancing also remains difficult for many homeowners with older, lower-rate loans.
Mortgage rates today for August 3, 2026
The average 30-year fixed conforming mortgage rate reached 6.777%, according to the latest data.
That rate increased from 6.721% in the previous daily report. It also rose from 6.761% one week earlier.
The average 15-year fixed conforming rate increased to 5.923%. It stood at 5.882% in the previous report.
Here are the latest averages from Mortgage Research Center:
- 30-year conventional: 6.777%
- 15-year conventional: 5.923%
- 30-year jumbo: 6.895%
- 30-year FHA: 6.144%
- 30-year VA: 6.222%
- 30-year USDA: 6.167%
Most major loan categories increased during the latest daily period.
The 30-year jumbo rate climbed from 6.876%. FHA rates rose from 6.101%, while VA rates increased from 6.159%.
USDA mortgage rates posted one of the larger daily moves. The average increased from 6.099% to 6.167%.
Bankrate’s national average also sits near 6.8%
Bankrate reported a national 30-year fixed average of 6.78% early Monday.
Its 15-year fixed average stood at 6.11%. Bankrate also listed a 6.38% average for 30-year FHA loans and 6.49% for VA loans.
Mortgage rate surveys can produce different averages. Each source may use different lenders, borrower profiles and pricing methods.
However, both reports point to the same broad trend. Rates remain elevated and close to 6.8% for a typical 30-year fixed loan.
How mortgage rates changed this week
Week-over-week moves remained relatively small for most loan programs.
The 30-year conventional average increased by about two basis points. A basis point equals one-hundredth of a percentage point.
The 15-year conventional average rose by about one basis point.
Other weekly changes included:
- 30-year jumbo: Down about one basis point
- 30-year FHA: Up about six basis points
- 30-year VA: Up about three basis points
- 30-year USDA: Up about two basis points
Small changes can still affect monthly payments. They can also change total interest costs over a 15-year or 30-year loan.
What today’s rate means for a $300,000 mortgage
At 6.777%, a $300,000 mortgage would generate about $402,427 in interest over 30 years.
That equals a principal-and-interest payment of roughly $1,951 per month.
A 15-year mortgage at 5.923% would generate about $153,439 in lifetime interest.
The estimated principal-and-interest payment would be about $2,519 per month.
The shorter loan creates a higher monthly bill. However, it cuts total interest by nearly $249,000 in this example.
Those figures do not include several major housing expenses.
A full monthly payment may also include:
- Property taxes
- Homeowners insurance
- Private mortgage insurance
- Homeowners association fees
- Other escrow costs
Zillow notes that principal and interest represent only part of a typical housing payment. Buyers should include taxes, insurance and possible PMI when setting a budget.
Why mortgage rates remain high
The Federal Reserve left its benchmark federal funds rate unchanged after its July 28-29 meeting.
The target range remains between 3.50% and 3.75%. The Fed’s next scheduled meeting begins September 15.
Mortgage rates do not move directly with the federal funds rate. However, Fed policy can influence bond markets, inflation expectations and lender pricing.
Mortgage rates also respond to economic uncertainty and movements in the 10-year Treasury market.
Bankrate’s recent survey placed the weekly 30-year average at its highest level since July 2025. Its report also highlighted wider spreads between Treasury yields and mortgage rates.
That gap can keep mortgage costs high even when broader interest rates appear stable.
Mortgage applications fall as affordability weakens
Higher borrowing costs continue to reduce mortgage demand.
Total applications fell 6.4% during the week ending July 24, according to data cited by Fortune.
Purchase applications declined 3%. Refinance applications fell 10%.
Adjustable-rate mortgages represented 8.1% of total applications.
The decline shows how rates affect both buyers and current homeowners.
Many homeowners secured mortgages below 6% during earlier years. Refinancing into today’s market may raise their rate instead of lowering it.
The average 30-year refinance rate stood at 6.829% on August 3.
Other refinance averages included:
- 20-year conventional: 6.692%
- 15-year conventional: 5.887%
- 10-year conventional: 5.781%
- 30-year jumbo: 6.975%
- 30-year FHA: 6.132%
- 30-year VA: 6.224%
Refinancing also carries closing costs. Those expenses often range from 2% to 6% of the loan balance.
Should buyers lock a mortgage rate now?
A rate lock may help buyers who already have a signed contract and a firm closing date.
Rates can change daily. Locking protects the borrower from an increase during the closing process.
Waiting may produce a lower rate. It can also expose the buyer to another increase.
Borrowers should compare the lock period, lender fees and any cost for extending the lock.
Buyers who remain early in the process may benefit more from improving their loan profile.
A stronger credit score, larger down payment and lower debt-to-income ratio may improve the offered rate.
How to get the best mortgage rate
Borrowers should request quotes from several lenders.
Fortune cited Freddie Mac research showing buyers may save $600 to $1,200 each year by applying with multiple lenders.
Compare these items before choosing an offer:
- Interest rate
- Annual percentage rate
- Discount points
- Origination charges
- Estimated closing costs
- Monthly payment
APR provides a wider view of borrowing costs because it includes the rate and many loan fees.
A lower advertised rate may require expensive points. That offer may not provide the lowest total cost.
What happens next
Mortgage rates today remain near a level that continues to challenge buyers.
The next major shift may depend on inflation data, the economy and expectations before the Fed’s September meeting.
Buyers should focus on the payment they can afford. They should also compare several loan offers before locking a rate.
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