The average rate on 30-year fixed home loans registered 6.63% for the week ending Aug. 7, down from 6.72% last week.

Current mortgage rates are down and lower than they were seven days ago. Rates are lower than they were in early 2025, when the average 30-year fixed-rate mortgage reached above 7%. But rates are still relatively high as fears around stubborn inflation have kept the Federal Reserve from lowering its benchmark rate so far this year.

Any drop in mortgage rates is good news for homebuyers, but rates still remain high compared to a few years ago.