Aug. 20, 2025 – Rates Hold Firm
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People held back on applying for new mortgages despite rates dropping to a 10-month low, but there were other loans which benefitted.
The rate on a 30-year fixed refinance increased to 6.61% today, according to the Mortgage Research Center. For 15-year fixed refinance mortgages, the average rate is 5.58%, and for 20-year mortgages,
5hon MSN
Here's what's keeping home buyers on the sidelines even as mortgage rates hit a 10-month low
A lot of would-be buyers feel priced out of the housing market. Lower mortgage rates might not help move the needle.
Demand for homes can also tell us about demand for mortgages. Mortgage rates have been ticking down in recent weeks from about 6.8% a month ago for a 30-year fixed to around 6.6% today. But that hasn’t caused demand for home loans to surge. Mortgage rates have come down, but not that much.
For the 11th straight business day, mortgage rates are very close to the levels from the end of the previous day. Over the past week, however, most of these small day-to-day movements have been microscopically higher.
The average rate on 30-year fixed home loans registered 6.63% for the week ending Aug. 14, down from 6.58% last week.
The 30-year fixed-rate mortgage averaged 6.66% in the week ending Aug. 14, down four basis points from the previous week.
"HELOC interest rates are generally structured as prime plus a margin," Debbie Calixto, sales manager at mortgage lender loanDepot, says. The federal funds rate influences the prime rate, while the margin reflects an additional percentage based on your credit score and loan details.