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 U.S. mortgage rates moved slightly lower this week, offering homebuyers modest relief as the average 30-year fixed mortgage rate fell to 6.65%. However, the U.S. 10-year Treasury yield remains near 4.70%, creating a risk that mortgage rates could stay elevated or turn higher again.What Are Mortgage Rates Today? 
 Freddie Mac’s latest Primary Mortgage Market Survey showed the average 30-year fixed mortgage rate at 6.65% as of Aug. 20, down from 6.67% a week earlier.
 The average 15-year fixed mortgage rate also edged lower to 5.95% from 5.96%.
 A year earlier, the 30-year rate stood at 6.58%, while the 15-year rate averaged 5.69%. That means borrowing costs remain slightly higher than they were at the same point in 2025 despite the latest weekly decline.
 U.S. 30-Year and 15-Year Mortgage Rates: Source: <a href="https://www.freddiemac.com/pmms" rel="noopener noreferrer nofollow">Freddie Mac Primary Mortgage Market Survey</a>
 The chart shows that mortgage rates declined late last year and in early 2026 before reversing higher during the spring and summer. The latest dip from 6.69% to 6.67% and now 6.65% offers some relief, but it does not yet signal a major downward trend.10-Year Treasury Yield Keeps Pressure on Mortgage Rates 
 The bond market remains one of the biggest obstacles to a sustained decline in mortgage rates.
 The supplied TradingView chart showed the U.S. 10-year Treasury yield at about 4.70% early Friday, Aug. 21. The yield remains above its 50-day exponential moving average near 4.60%, while the daily relative strength index sits around 55.
 U.S. 10-Year Treasury Yield Holds Near 4.70%: Source: TradingView&nbsp;
 The chart shows a broader upward trend since the March lows. A sustained move above the recent 4.70% area could place fresh upward pressure on mortgage borrowing costs. Conversely, a retreat in Treasury yields would improve the chances of lower mortgage rates.
 Mortgage rates do not move directly with the Federal Reserve’s policy rate. Instead, lenders closely watch longer-term Treasury yields and mortgage-backed securities when setting home-loan rates.Mortgage Demand Remains Under Pressure 
 High borrowing costs continue to affect housing demand.
 The Mortgage Bankers Association said total mortgage applications fell 0.4% in the week ended Aug. 14. Purchase applications declined 2%, while refinance applications increased 2%.
 MBA’s separate survey put the average contract rate for a conforming 30-year fixed mortgage at 6.77%. MBA and Freddie Mac use different methodologies, so their mortgage-rate readings are not directly comparable.
 New-home activity also weakened. MBA reported Thursday that applications to purchase newly built homes fell 5.7% from a year earlier in July. Its estimated seasonally adjusted annual rate of new-home sales declined to 647,000.Mortgage Rates Remain High by Recent Standards 
 A longer-term view shows how dramatically the mortgage market changed after the exceptionally low rates recorded around 2020 and 2021.
 U.S. 30-Year Fixed Mortgage Rate: Source: <a href="https://fred.stlouisfed.org/series/mortgage30us#" rel="noopener noreferrer nofollow">Federal Reserve Bank of St. Louis FRED</a>
 The historical chart shows mortgage rates peaking above 18% in the early 1980s before trending lower over several decades. Rates reached historic lows around 2021, then climbed rapidly as inflation and Federal Reserve tightening reshaped the interest-rate environment.Will Mortgage Rates Go Down in 2026? 
 The near-term outlook remains mixed.
 Freddie Mac’s latest readings show a modest decline, but the 10-year Treasury yield remains elevated. The Federal Reserve also kept its federal funds target range at 3.50%-3.75% at its July meeting, while July consumer inflation was still 3.4% year over year.
 A sustained decline in Treasury yields and inflation expectations would improve the outlook for mortgage rates. Until that happens, the 30-year fixed rate is more likely to remain volatile around current levels than enter a clear, sustained decline.
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Mortgage Rates Today: 30-Year Rate Falls to 6.65% as Treasury Yields Stay High

Coinpaper.com

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