Written by

Brian McKay

Brian McKay

Co-Founder & Lead Data Architect

Expertise

• Automated Online Rate Data Aggregation
• Location-Based Rate Tables
• Bank & Credit Union Health Safety Ratings
• Bank & Credit Union Star Ratings
• Finance Calculators

Brian is the Co-Founder of MonitorBankRates.com. For over 18 years, he has utilized his background in enterprise infrastructure to engineer proprietary systems that track rates from over 8,000 financial institutions.

Read Full Bio

| August 17, 2026 | 6 min read

Mortgage Rates Hit New Summer Highs While Jumbo Loan Rates Fall

Mortgage rates climbed again over the past two weeks. 30-year mortgage rates reached 6.491%, their highest average of the summer, and 15-year fixed rates crossed above 6.00%. The surprise came from jumbo loans, where rates fell and the difference between jumbo and conventional rates narrowed sharply.

Over the past two weeks, average home loan rates rose on nearly every loan type we track. 30-year mortgage rates climbed 0.083 points to 6.491%, their highest level of the summer, and 15-year fixed mortgage rates crossed above 6.00%. Adjustable rates rose too. Jumbo mortgage rates were the exception: both jumbo averages fell, narrowing the difference between average jumbo and conventional rates.

What happened to mortgage rates over the past two weeks

Conventional mortgage rates, national average APR since late March

Average APRs from MonitorBankRates.com's nightly collection, updated daily. The figures in the text and table below are average note rates, which run below APR.

30-year mortgage rates rose 0.083 points to 6.491%, and 15-year fixed mortgage rates climbed 0.048 points to 6.009%. 15-year mortgage rates are still nearly half a point lower than 30-year rates, and the difference actually grew to 0.482 points over the two weeks.

Adjustable-rate mortgages rose across every term we track. 7/1 ARM rates added 0.071 points to 6.063% and are now above 6.00% as well. 5/1 ARM rates rose more gently, up 0.038 points to 5.943%, and are now the lowest mortgage rate average we track, more than half a point below 30-year fixed rates. 3/1 ARM rates jumped 0.126 points to 5.977%, though far fewer lenders quote that loan, so its average tends to swing more than the others.

Jumbo mortgage rates are falling

While all other mortgage rates moved higher, jumbo mortgage rates fell. 30-year jumbo rates eased 0.026 points to 6.579%, and 15-year jumbo rates dropped 0.084 points to 6.100%. Two weeks ago, average 30-year jumbo rates were 0.197 points higher than conventional 30-year rates; that difference is now 0.088 points. For 15-year loans, the difference narrowed from 0.223 points to 0.091. Jumbo averages come from a smaller group of lenders, so we read any single move with caution, but when both jumbo terms fall at once while other rates rise, it usually means lenders are competing harder for larger loans.

Jumbo and FHA rates, national average APR since late March

Average APRs from the nightly collection. VA loans are omitted from this chart pending a data-quality fix in the nightly series; the VA table figures below are verified.

FHA and VA mortgage rates also moved higher. FHA mortgage rates rose 0.118 points to 6.222%, and VA loan rates added 0.042 points to 6.226%; the two averages are now nearly identical. Keep in mind that these are national averages; the rate you're quoted depends on your state, your lender, and your credit profile. A buyer comparing Florida mortgage rates, for example, can see how local lenders stack up against these national averages before locking anything in.

Change since July 27, by loan type (percentage points)

Average note rates, July 27 to August 17. Red bars rose; green bars fell.

Compare mortgage rates: July 27 vs. August 17

What the Federal Reserve did, and why it matters

The Federal Reserve doesn't set mortgage rates, but its policies have a direct impact on the bond yields mortgage rates follow. On July 29 the Fed held its benchmark rate at 3.50% to 3.75% for the fifth straight meeting. The vote was not unanimous; three committee members wanted to raise rates by a quarter point instead. Mortgage rates track the 10-year Treasury yield, and that yield ended August 14 at 4.68%. With inflation still above the Fed's 2 percent goal and part of the committee leaning toward higher rates, there isn't much on the horizon to push mortgage rates lower before the Fed meets again in September.

What this means if you're buying a home

Mortgage rates have climbed about an eighth of a point in the past month. On a $400,000 loan, that's roughly $33 more every month, for as long as you hold the loan. If you started shopping in early July, it's worth re-running your numbers with a mortgage calculator before you tour anything else, and our housing affordability index shows what the climb has done to buying power nationally. There are still lower rates available for the right situation. 5/1 ARM rates are the lowest average we track at 5.943%, more than half a point below 30-year fixed rates, for buyers comfortable with a rate that can adjust after five years. And if you need a loan above the conforming limit, jumbo rates moved in your favor over the past two weeks. Week-to-week movement for every loan type is on our rate trend charts.

The bottom line

Mortgage rates are at their summer highs. Fixed rates are higher than they were a month ago, adjustable-rate loans carry lower rates for buyers who can accept an adjustment down the road, and the difference between jumbo and conventional rates narrowed over the past two weeks. One more thing worth knowing: behind our 6.491% average, lenders in our data are quoting 30-year loans everywhere from under 5% to nearly 9%. The averages on this page tell you where the market is. Getting quotes from more than one lender is the surest way to do better than average.