What's a Good Mortgage Rate?

A good mortgage rate is one at or below the current national average for your loan type. VA loans typically offer the lowest rates available — often 0.25–0.50% below conventional loans for eligible borrowers. The best way to know if you're getting a good rate is to shop at least three lenders, since rates can vary significantly for the same borrower profile. Getting multiple quotes takes minutes and could save you thousands over the life of your loan.

When Should You Lock in a Mortgage Rate?

Lock your rate once you've entered a purchase agreement and found a competitive offer. Rates can change daily, so locking protects you during the closing process. Most rate locks last 30–60 days.

Is APR the Same as Interest Rate?

No. The interest rate is the cost of borrowing the principal. APR includes the interest rate plus fees — origination, mortgage insurance, and discount points — giving you a more complete picture of the loan's total annual cost.

Should I Choose a 15-Year or 30-Year Mortgage?

A 15-year mortgage carries a lower rate and builds equity faster, but the monthly payment is significantly higher. A 30-year mortgage has a lower payment and more flexibility, but you'll pay more interest over the life of the loan. The right choice depends on your monthly budget and long-term goals.

What Is a Mortgage Discount Point?

A discount point equals 1% of your loan amount paid upfront at closing to permanently reduce your interest rate — typically by about 0.25% per point. Paying points makes sense if you plan to keep the loan long enough to break even on the upfront cost. Divide the total cost of the points by your monthly savings to calculate your break-even timeline.

Mortgage Rates Today: August 23, 2026

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As of August 21, 2026, the national average 30-year fixed mortgage rate is 6.60%, up 4 basis points from last week. The national average for the 15-year fixed is 5.99%, up 2 basis points from last week. The national average for the 30-year VA rate is 6.11%, up 3 basis points from last week.

Full series and methodology: the Rates.Now Mortgage Rate Index

NATIONAL AVG. MORTGAGE RATES

30-Year Fixed

6.60%

0.04%7d

90d high: 6.66%

90d low: 6.11%

15-Year Fixed

5.99%

0.02%7d

90d high: 6.06%

90d low: 5.43%

VA 30-Yr Fixed

6.11%

0.03%7d

90d high: 6.16%

90d low: 5.59%

Rate Rundown: What's Moving Mortgage Rates for August 23, 2026

Sun, Aug 23, 2026, 6:01 AM

Where rates stand today
As of Friday, Aug. 21, national averages from the rates.now lender network (100 price / zero points) show: the 30‑year fixed conventional at 6.60% (APR 6.64%), up 4 bps from a week ago and 25 bps over the past month. The 15‑year fixed is 5.99% (APR 6.05%), up 2 bps week over week and 19 bps on the month. FHA 30‑year sits at 6.05% (APR 6.81%), up 5 bps on the week and 23 bps on the month. VA 30‑year is 6.11% (APR 6.35%), up 3 bps week over week and 21 bps over the month. All four loan types have climbed over the past month, reflecting a backdrop of higher long‑term yields.

What’s moving the market
The 10‑year Treasury yield is trading in the high‑4.6s to mid‑4.7s% area, near roughly two‑decade highs, with the 30‑year Treasury above 5.25–5.3%. The drivers are familiar: inflation that markets fear may prove sticky; doubts about how quickly the Fed can return inflation to target; and fiscal concerns tied to heavy Treasury issuance that are boosting term premiums. The yield curve remains inverted but less so, consistent with a market that does not yet see aggressive near‑term easing. Fed communication is also in focus: investors are keyed on Chair Kevin Warsh’s speech at the Jackson Hole symposium at week’s end for clues on the policy path and tolerance for these elevated long‑end yields that effectively tighten financial conditions without additional hikes.

The outlook
With no marquee data today, the path for mortgage rates will be driven by long‑bond trading and event risk into Jackson Hole. Given where the 10‑ and 30‑year yields sit, the base case is for mortgage pricing to remain firm and volatile. A dovish tone from the Fed or softer‑than‑expected data could deliver some relief, but structural forces—sticky‑inflation concerns, fiscal supply, and higher term premiums—likely cap how far rates can fall near term. Conversely, a hawkish message or upside surprises would risk another push higher in yields and mortgage‑backed‑security spreads. Expect lenders to price conservatively and to reprice quickly if volatility picks up around headlines.

What it means for borrowers
If you’re closing soon, consider locking to protect against headline risk into Jackson Hole. If your timeline is flexible, monitor the 10‑year and be ready to act on rate‑friendly days; ask about float‑down provisions in case of a meaningful rally. Compare program types carefully: our latest averages show FHA at 6.05% (APR 6.81%) and VA at 6.11% (APR 6.35%) versus 6.60% (APR 6.64%) for conventional—note that mortgage insurance and program‑specific fees affect APRs and total cost. Also weigh shorter terms: the 15‑year fixed at 5.99% (APR 6.05%) can reduce interest paid if the higher payment fits your budget. Finally, get same‑day, side‑by‑side quotes with identical lock periods and property details; in a high‑volatility environment, disciplined apples‑to‑apples shopping can uncover meaningful pricing differences across lenders.

Current purchase & refinance rates

Program	Rate	APR	Change

Mortgage Rate Trends

Loan Type

Loan Program

VA 30-Yr Fixed Rate Trends

Data source: BankingBridge API. Updated daily.

Today's Mortgage Rates: August 23, 2026

Mortgage rates change daily in response to economic data, Federal Reserve policy, bond market movements, and lender competition. The rates shown above are pulled live from VA-approved lenders and reflect real offers available to qualified borrowers as of August 23, 2026.

What Are Today's Average Mortgage Rates?

The rate table above shows current offers across the most common loan programs — VA 30-year fixed, VA 15-year fixed, conventional 30-year fixed, FHA, and adjustable-rate mortgages. Each rate comes directly from participating lenders and reflects real pricing, not teaser rates.

VA loans typically carry the lowest rates of any loan type because the government guarantee reduces lender risk. If you're an eligible veteran, active-duty servicemember, or surviving spouse, a VA loan is almost always the most competitive option available.

What Affects Mortgage Rates?

Several factors drive rate movements day to day:

10-year Treasury yield — Mortgage rates closely track the 10-year Treasury. When bond yields rise, mortgage rates typically follow.
Federal Reserve policy — The Fed's decisions on the federal funds rate and bond purchases directly influence borrowing costs across the economy.
Inflation data — Higher inflation tends to push rates up; cooling inflation gives lenders room to lower them.
Employment reports — Strong jobs numbers often signal economic strength, which can push rates higher.
Lender competition — Different lenders price risk differently. Comparing at least three lenders on the same day can save thousands over the life of a loan.

How to Get the Best Mortgage Rate Today

The rate any individual lender offers you depends on your credit score, loan-to-value ratio, debt-to-income ratio, loan type, and property state. To secure the lowest rate available:

Check your credit score and correct any errors before applying.
Compare quotes from at least three lenders on the same day.
Consider buying down your rate with discount points if you plan to stay long-term.
Ask lenders to lock your rate once you find a competitive offer.

VA Loan Rates Today

VA loans offer the lowest average rates of any loan program — typically 0.25–0.50% below comparable conventional loans. They require no down payment, no private mortgage insurance (PMI), and have flexible credit requirements. The funding fee (1.25–3.3% of the loan, waived for service-related disabilities) is the primary cost unique to VA loans.

Eligible borrowers should compare VA rates from multiple VA-approved lenders before committing. Use the rate table above to see live offers side by side.