Key takeaways
- The average 30-year, fixed-rate mortgage has edged down to 6.67% after five weeks of increases.
- Homes.com's chief residential economist says Middle East-related energy supply concerns and heavy investment in AI are helping to keep borrowing costs elevated.
- Even in a higher-rate environment, some borrowers may find opportunities amid reduced competition and increased negotiating power.
After five weeks of increases, the mortgage market is getting some relief.
As of Thursday, the 30-year, fixed-rate mortgage averaged 6.67%, according to mortgage giant Freddie Mac. That's slightly lower than the previous week's 6.69% average, but higher than a year ago, when it was 6.58%.
The 15-year, fixed-rate mortgage similarly declined: It averaged 5.96%, down from a week earlier but still higher than the comparable week in 2025.
Daily averages reflected a similar trend. The 30-year, fixed-rate mortgage slid to 6.74% on Wednesday, its lowest average in about three weeks, according to Mortgage News Daily.
The 15-year, fixed-rate mortgage also fell, averaging 6.27% on Wednesday.
The economy is still waiting for a win
Though this week brought some relief to the mortgage market, rates are still higher than they were at the start of this year — and that big-picture higher-cost environment may be here to stay, economists say.
It's the result of two obstacles the economy is facing, according to Brad Case, chief residential economist for Homes.com.
"For some time, the economy has been hoping for either of two wins: first, that tensions in the Middle East stop disrupting supplies of petroleum products, or second, that big investments in artificial intelligence start bringing noticeable increases in productivity," Case said. "Both are still possible, but we're still not seeing any evidence for either of them."
In fact, those investments in AI require so much capital that they are actually putting pressure on homebuyers, who now have to pay more to get mortgage loans, he said.
This suggests that mortgage rates are not likely to see much relief through the end of 2026, Case said.
That said, inflation eased some this week, offering buyers a glimmer of hope.
Even if mortgage rates stay high, there could still be opportunities for some borrowers.
Last week, for example, a slight, short-lived dip in mortgage rates created a window for some buyers and refinancers to find deals, according to the Mortgage Bankers Association. That sent mortgage applications higher over the week.
Indeed, with more buyers exiting the market, buyers who are sticking it out might find more opportunities, according to Jeff DerGurahian, chief investment officer and head economist at loanDepot.
"Buyers may encounter less competition, leaving more room to negotiate," he said in an email.
And even if rates fall modestly and average closer to 6.5%, it could give way to a "stronger-than-usual fall and winter buying season," DerGurahian added.
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