Mortgage Rates Today: Daily 30-Year Rate 6.71% Aug 5 2026

Mortgage Rates Today: What’s Trending

Mortgage rates today sit at 6.71%, down a tick from yesterday’s 6.72%. On a $400,000 loan, that dip trims your principal and interest to $2,584 a month. Homebuyers are weighing whether to lock now or wait out August for a bigger drop.

Mortgage rates today in context

A year ago, the 30-year averaged 6.62%. That gap changes what “affordable” means for anyone comparing this summer’s shopping list to last year’s. Even a small move in either direction reshapes your budget over a 30-year term.

What to do right now

If you close within 30 days, lock today rather than gamble on a further slide.

Where Mortgage Rates Today Are Headed

Rates today sit at 6.71% on the 30-year fixed, a hair below yesterday’s 6.72%. That barely counts as relief after a 30-day span that ran from 6.41% up to 6.72%. The pattern is a steady climb that has erased most of last month’s dip.

Catalysts for mortgage rates today

The 10-year Treasury yield sets the floor under mortgage pricing, and lenders price loans off the spread they demand above it. When inflation expectations firm up, investors sell mortgage-backed securities and demand higher yields to hold that risk. That selloff pushes the rate you’re quoted higher, even without any single dramatic headline driving it.

What is most likely from here

Mortgage rates today reflect a market leaning toward higher rates this week. A cooling inflation print would ease MBS pressure and pull rates back toward 6.41%. Absent that, expect rates to hold near 6.71% or drift toward 6.75% this week.

News Moving Mortgage Rates Today

The Fed holds its benchmark rate at 3.50%–3.75%, and that pause keeps pressure on the 10-year Treasury yield, which drives mortgage pricing. Inflation sits at 3.7% annually, with core CPI at 2.8% and core PCE at 3.3%. Those readings stay above the Fed’s 2% target. Unemployment at 4.2% gives policymakers room to stay patient rather than cut.

What’s moving mortgage rates today

Watch August 7 for the next jobs report and August 12 for the Consumer Price Index report for July. A hotter jobs number or stickier inflation print pushes yields, and mortgage rates, higher still. A cooler reading on either would revive bets on a September cut and could pull rates back down. The next Fed meeting lands September 16, and traders will parse that statement for any shift in tone.

What Mortgage Rates Today Mean for Homebuyers

A $400,000 loan at 6.71% runs $2,584 a month in principal and interest. A year ago the 30-year sat at 6.62%, putting that same loan at $2,560. A year ago’s rate saved $24 a month, or $288 a year, versus today’s payment.

Lock or float at mortgage rates today

If your closing is within 45 days, lock. A 0.1% rate swing compounds over 30 years of payments. A lender committed at 6.71% removes that risk before your appraisal and underwriting are done. If you have 60+ days, float if you expect softer inflation data to pull rates down before you close. Ask your lender about a float-down option, which lets you capture a lower rate later without restarting the loan process.

Smart shopping moves

Recalculate your target price at 6.71%, then stress-test it at 6.96% to see the $2,650 payment on that same $400,000 loan. That gap tells you how much cushion you need in your budget before you commit. Get quotes from at least three lenders, since rate sheets vary by 0.125% to 0.25% on any given day. Ask sellers for concessions toward a temporary buydown, which can knock a full point off your rate in year one and ease the payment shock.

Mortgage Rates Today for First-Time Homebuyers

Finance $285,000 on a $300,000 home with 5% down, and at 6.71% your P&I lands at $1,841 a month. Add roughly $575 for taxes, insurance, and PMI, and your full payment climbs well past that figure. Affordability is stretched at this rate: a $100,000 income supports only about $329,000 in home price.

First-time buyers and mortgage rates today

FHA loans need 3.5% down with a credit score of 580 or higher. Meanwhile, VA loans offer zero down for eligible veterans, and USDA loans do the same in rural areas. State housing finance agencies often go further, pricing loans 0.25% to 0.75% below market and adding down-payment grants.

How to compete and win

Pre-qualification is a quick estimate; a fully underwritten pre-approval verifies your income, assets, and credit in advance. As a result, sellers in a multiple-offer situation often skip buyers holding only a pre-qualification letter. Buy the right home at the right price now; you can refinance later if rates drop.

What Mortgage Rates Today Mean for Refinancers

Mortgage rates today sit at 6.71%. Anyone who purchased between 2022 and early 2024 at rates above 7% can cut their payment by refinancing now. On a $350,000 balance, payment falls from $2,388 to $2,261, a savings of $127 a month. Over the loan’s life, that adds up to $45,656 in interest.

Refinancing at mortgage rates today

Closing costs run $3,000 to $6,000, so weigh them against how long you’ll keep the loan before refinancing pays off. At $127 a month, $3,000 recovers in about 24 months and $6,000 in about 47 months. Still, shop around: lender quotes often vary by 0.25% to 0.50%, enough to shift that break-even point.

Cash-out versus rate-and-term

Cash-out refinancing to pay off high-interest credit-card debt carries compelling math right now. Tapping equity for discretionary spending, like renovations or vacations, calls for more caution. Even so, if you’re above 7% on a rate-and-term refinance, lock in 6.71% now.

Mortgage Rates Today for Real Estate Investors

Investor loans carry a surcharge of 0.50 to 0.75 percentage points over primary rates. That pushes your quote to roughly 7.31% on a rental purchase. On a $300,000 property with 25% down, your $225,000 loan pencils out to $1,544 a month in principal and interest.

Investors and mortgage rates today

That math hides an upside for investors. Rate-sensitive owner-occupants drop out of the bidding at these levels, leaving less competition for cash-flowing properties. Focus on the numbers that matter: gross rent multiplier, cap rate, and cash-on-cash return.

Alternative financing options

Financing structure matters as much as the rate itself. DSCR loans, underwritten on rental income rather than your personal tax returns, price between 7.25% and 7.75% right now. Fix-and-flip buyers using hard money or bridge loans should expect 10% to 12% for short-term capital. Run your deal at today’s actual numbers, not last year’s, and only move forward if it still cash flows.

15-Year vs 30-Year: Which Is Right for You?

A $350,000 loan splits sharply between these two terms. At 6.71%, the 30-year payment runs $2,261 a month, versus $2,963 on the 15-year at 6.05%. As a result, total interest drops to $183,333 on the 15-year against $463,886 on the 30-year, a difference of $280,553.

Who the 15-year fits

The 15-year fits a specific borrower. Someone later in career, with steady income and little chance of a sudden income drop, benefits most. In short, 6.05% lets that borrower build equity fast, turning the loan into a powerful wealth-building tool.

Why most pick the 30-year

By contrast, most buyers do better with the 30-year at 6.71%. The lower payment leaves room for emergencies and retirement savings. One extra principal payment a year replicates much of the 15-year’s payoff speed. For a first-time buyer stretching to qualify, the 30-year is almost always the more prudent choice.

Mortgage Programs & Assistance

FHA loans need just 3.5% down with a 580 credit score. Score between 500 and 579, and you still qualify with 10% down. Government insurance lowers lender risk, so FHA rates often run 0.2% to 0.3% below the 6.71% conventional average.

VA and USDA advantages

VA and USDA loans remain significantly underutilized. VA loans require no down payment and no PMI, with rates 0.25% to 0.50% below conventional. USDA loans offer zero-down financing in eligible rural and suburban areas, covering more of the map than most homebuyers assume.

State and local programs

State housing finance agencies often beat market rates by 0.25% to 0.75%, plus down-payment assistance. Income limits frequently reach $120,000 or higher, opening the door to buyers who assume they earn too much. Before you write off homeownership at 6.71%, spend an hour on your state agency’s website.

Mortgage Rates Today: The Bottom Line

Today’s dip of 1 basis point, from 6.72% to 6.71%, keeps mortgage rates today parked near the top of the 30-day range of 6.41% to 6.72%. That is not a reversal. If you close in the next 30 to 45 days, lock now and stop watching the board.

Mortgage rates today: your move

If you are house hunting, get a formal quote today and run your payment on a $400,000 loan at $2,584 before you write an offer. Refinancers still sitting above 7% should run a break-even calculation this week: divide your closing costs by the monthly savings and see how many months it takes to recoup them. Investors need to hold the line on cap rate and cash flow assumptions rather than chase a rate that hasn’t moved much.

What to watch next

Watch jobs report (Aug 7), CPI inflation report (Aug 12) for the next real catalyst, since that data will move the 10-year Treasury yield and mortgage pricing with it. A hotter print pushes rates back toward 6.72%; a cooler one opens room below 6.41%. Stay in contact with your lender and make sure you understand your lock window before any key data releases.