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U.S. 30-Year Mortgage Rate Reaches Highest Point in a Year
August 23, 2026
Why it matters locally: Michigan residents looking to purchase homes or refinance existing mortgages may face higher monthly payments, as the national increase in interest rates directly impacts lending conditions within the state.
The average interest rate for a 30-year fixed-rate mortgage in the United States increased to 6.66%, mortgage buyer Freddie Mac announced Thursday. This represents a rise from 6.58% in the previous week. One year ago, the average rate for this type of mortgage stood at 6.72%. The current rate now exceeds all weekly averages recorded since that time.
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