Mortgage rates this week

Fixed mortgage rates hardly moved last week, as investors predicted that the Federal Reserve would vote not to change short-term borrowing rates on July 30.

The 30-year fixed-rate mortgage averaged 6.87% APR, up two basis points from the previous week's average, according to rates provided to NerdWallet by Zillow. A basis point is one one-hundredth of a percentage point.
The 15-year fixed-rate mortgage averaged 5.94% APR, up three basis points from the previous week's average.
The 5-year adjustable-rate mortgage averaged 7.34% APR, down eight basis points from the previous week's average.

Central bankers voted as expected at their July meeting. In a press release immediately following the meeting, the committee wrote that “uncertainty about the economic outlook remains elevated.” As the Trump administration continues to make major adjustments to monetary policy (namely, tariffs), central bankers are waiting for clear results before deciding to adjust the overnight borrowing rate. We can expect mortgage rates to linger where they are for the time being.

» MORE: How the Fed Affects Mortgage Rates

August Mortgage Rates Forecast

Mortgage rates will probably stay about the same in August. If they change, they're more likely to go down than up.

Important inflation data and July’s employment report are being released in short order, and either statement could affect the direction of mortgage rates in August. Possibly abruptly.

Even if mortgage rates fall a little bit, it won't be enough to wake up the sleepy housing market. Would-be home buyers dream of mortgage rates below 6.5%, but rates won't fall that low in August.

» MORE: Is it a good time to buy a house? Here's what to consider.

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