Today's Mortgage Rates - 08/22/2025
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Mortgage Rates Mostly Steady
Fixed mortgage rates held at about ten-month lows this week.
As reported by Freddie Mac. the average offered interest rate for a conforming 30-year fixed-rate mortgage (FRM) was unchanged at 6.58%, as low as this average has been since the week of October 24, 2024.
Average offered rates for 15-year fixed-rate mortgages managed a slight decline, posting a drop of two basis points (0.02%), leaving the average rate for the most common shorter-term mortgage at 5.69%. The current average matches the same 10-month low level as its longer-term counterpart.
An alternative to the 30-year fixed rate mortgage, the average offered rate for a 5-year hybrid ARMs moved rebounded after an appreciable dip last week. The Mortgage Bankers Association said that the initial fixed interest rate on a hybrid 5-year ARM increased by twenty-one basis points (0.21%) to 6.01%,
Currently, a 5/1 ARM might offer a homebuyer a lower-cost alternative to a long-term fixed-rate mortgage, although the difference in rate between 30-year FRMs and 5-year hybrid ARMs contracted a fair bit this week. With the change in rates, the gap in rate compared to a 30-year FRM is now 57 basis points (0.57%). Comparing this average rate against that one for a 30-year FRM, a homebuyer with a $300,000 loan amount who selects the 5-year ARM would be able to save $8,578 in interest cost over the first five years of the loan while also reducing the loan's outstanding balance by $1,892 compared to the 30-year FRM.
ARMs aren't for everybody, though. To help decide whether one might work for you, read HSH's Comprehensive Guide to Adjustable Rate Mortgages.
This may change on Friday, August 22, when Fed Chair Powell gives a speech at an annual economic symposium in Jackson Hole, WY. At this same meeting last year, Mr. Powell clearly signaled a change in monetary policy was coming, and after a summer of concerning labor-market data, the Fed surprised the markets with a half-point rate cut at the September meeting.
Such clarity may not be coming this year, what with inflation running above the Fed's target and concerns that tariff-fueled price increases may not have really started to show yet. Still, a cut in rates next month remains likely; two Fed members would have preferred to cut rates at the July meeting. Had labor-market revisions that came after the meeting come before it, the Fed very likely would have trimmed rates at that time.
Investor eyes and ears are fully tuned to the August 22 speech, and while rates are still pretty flat now, some movement (up or down) can be expected in the coming days. Which direction they go depends on the message, but down does seem the most likely course at present.
Each week in HSH's MarketTrends newsletter, we track and discuss economic conditions that affect mortgage rates and their impact on housing markets and consumers. Read the most recent edition of MarketTrends or subscribe for email delivery.
Current mortgage rates
Week | 30-year-Fixed | 15-year-Fixed |
---|---|---|
08/21 | 6.580% | 5.690% |
08/14 | 6.580% | 5.710% |
08/07 | 6.630% | 5.750% |
07/31 | 6.720% | 5.850% |
07/24 | 6.740% | 5.870% |
07/17 | 6.750% | 5.920% |
07/10 | 6.720% | 5.860% |
07/03 | 6.670% | 5.800% |
06/26 | 6.770% | 5.890% |
06/18 | 6.810% | 5.960% |
06/12 | 6.840% | 5.970% |
06/05 | 6.850% | 5.990% |
Mortgage Choices at a Glance
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Latest Mortgage Rate Analysis
HSH's longer-range outlook for mortgage rates, where we review our last forecast,discuss current market influences and provide our expectations for mortgage rates over the next nine weeks.