If you are thinking about buying a home, you may be asking a question many buyers have in 2026:
Should I buy now or wait for mortgage rates to come down?
It is a fair question. Your mortgage rate affects your monthly payment and can change how much home comfortably fits your budget.
The problem is that nobody knows exactly where mortgage rates will go next.
Instead of trying to time the market perfectly, it can be more useful to understand where rates are today, how they affect your payment, and whether buying makes sense for you right now.
What Are Mortgage Rates Right Now?
As of August 13, 2026, Freddie Mac reported an average 30-year fixed mortgage rate of 6.67% and an average 15-year fixed rate of 5.96%.
The previous week, the 30-year average was 6.69%. One year earlier, it was 6.58%.
These are national weekly averages. They are not a mortgage quote or a rate every borrower will receive. Your actual rate can vary based on your loan, property, financial profile, and other factors.
What Does a 6.67% Mortgage Rate Mean for Your Payment?
Percentages can feel abstract. Monthly payments do not.
Consider a $400,000, 30-year fixed-rate mortgage.
At 6.67%, the principal and interest payment would be about $2,574 per month.
At 6.00%, it would be about $2,398 per month.
That is a difference of approximately $176 per month.
These examples include principal and interest only. Your actual housing payment may also include property taxes, homeowners insurance, mortgage insurance, HOA dues, and other expenses.
That is why asking "What's today's mortgage rate?" is only the beginning.
A more useful question is:
"What could my payment look like based on the home I want to buy?"
You can use our mortgage calculator to estimate how different loan amounts and interest rates could affect your monthly principal and interest payment.
Is 6.67% a Good Mortgage Rate in 2026?
Whether 6.67% is a good mortgage rate depends on what you are comparing it with.
Look at the interest rate together with the APR, points, lender fees, monthly payment, and cash needed at closing. A lower rate is not necessarily the better choice if getting that rate requires significantly more money upfront.
Your credit profile, down payment, loan program, property, loan amount, and other factors can also affect the terms available to you.
After 30 years in the mortgage business, we have watched buyers try to time interest rates through very different markets.
One lesson continues to hold up: you can watch rates for months, but eventually the decision has to work with your budget.
If today's payment is comfortable and buying makes sense for your plans, that is very different from stretching your budget because you are counting on rates falling later.
Should You Wait for Mortgage Rates to Go Down?
Mortgage rates could go down. They could also go up.
Future mortgage rates cannot be predicted with certainty, and waiting does not freeze the rest of the housing market.
Home prices can change. Inventory can change. Your income, savings, credit, or personal needs may also look different six months from now.
If you are buying locally, our look at where San Diego home buyers have leverage in 2026 explains how days on market, property condition, competing listings, and other local factors may give some buyers more room to negotiate.
The reason this matters is simple. Your mortgage rate is only one part of a home purchase.
The purchase price and terms you negotiate can also affect what you pay and whether a particular home works within your budget.
So, should you buy or wait?
Waiting may make sense if today's payment stretches your budget or you are not financially ready to buy.
Buying may make sense if the payment is comfortable, you have enough cash for the purchase and reserves, and you find a home that fits your needs.
The decision should work based on today's numbers without depending on a future rate drop.
Does the Federal Reserve Set Mortgage Rates?
No. The Federal Reserve does not directly set mortgage rates.
At its July 28-29, 2026 meeting, the Federal Open Market Committee kept its target range for the federal funds rate at 3.50% to 3.75%.
The federal funds rate and a 30-year mortgage rate are different.
Federal Reserve policy can influence broader financial conditions and borrowing costs, but a change in the federal funds rate does not mean mortgage rates will change by the same amount.
So when you see a headline saying the Fed raised, lowered, or held rates, do not assume your mortgage rate automatically did the same thing.
Why Is My Mortgage Rate Different From What I Saw Online?
This is a common source of confusion for homebuyers.
You see one mortgage rate online. Then you request actual loan information and see a different number.
There can be several reasons.
Online rates may be national averages or advertised rates based on assumptions that do not match your loan. Your credit profile, down payment, loan program, property, loan amount, occupancy, and other factors can affect mortgage pricing.
You should also check whether an advertised rate requires discount points.
A lower advertised rate is not automatically the better choice if you have to pay considerably more upfront to receive it.
Should You Pay Points for a Lower Mortgage Rate?
Discount points generally allow you to pay more at closing in exchange for a lower interest rate.
According to the Consumer Financial Protection Bureau, one point equals 1% of the loan amount.
Lender credits generally work in the opposite direction. You may receive a credit toward certain closing costs in exchange for accepting a higher interest rate.
Neither choice is automatically better.
When comparing your options, look at:
Interest rate and APR
Cost of discount points
Lender credits and lender fees
Monthly principal and interest
Estimated cash needed at closing
Monthly savings from a lower rate
How long you expect to keep the mortgage
How long it may take to recover the upfront cost of points
For example, paying thousands of dollars in points to reduce your monthly payment may make sense if you expect to keep the mortgage long enough to recover that upfront cost.
If you expect to move or refinance sooner, the calculation may look very different.
Should You Lock Your Mortgage Rate?
A mortgage rate lock generally keeps your interest rate from changing before closing for a specified period, as long as you meet the conditions of the lock.
According to the Consumer Financial Protection Bureau, mortgage rate locks are typically available for 30, 45, or 60 days, although longer periods may sometimes be available.
Your Loan Estimate should show whether your interest rate is locked and when the lock expires.
Before locking, ask how long the lock lasts, what happens if closing is delayed, and whether extending the lock could cost money.
Trying to catch the lowest possible rate can be tempting. Once you have a home under contract, however, protecting a payment that works within your budget may be more important than trying to predict tomorrow's mortgage market.
Should You Buy Now and Refinance Later?
You may have heard:
"Buy now and refinance when rates come down."
It sounds simple. Real life is less certain.
If mortgage rates fall enough in the future and you qualify, refinancing may give you an opportunity to replace your existing mortgage with a new one.
But future refinancing is not guaranteed.
Rates may not fall when expected. Your income, credit, home value, loan balance, or other circumstances could change. Refinancing can also involve closing costs and a new qualification process.
A better question is:
"Can I comfortably afford this mortgage today?"
If the answer is yes and refinancing becomes worthwhile later, you can evaluate that opportunity using the rates and numbers available at that time.
Do not buy a home you cannot comfortably afford today based on the assumption that you will be able to refinance later.
How Can You Find Out What Mortgage Rate You May Qualify For?
National averages cannot tell you exactly what rate or payment may be available to you.
A mortgage preapproval can give you a clearer picture based on your situation and potential home purchase. It can also help you understand your estimated buying power before you get serious about making an offer.
When you receive actual loan options, compare the interest rate, APR, points, lender credits, estimated payment, and cash needed to close.
That gives you much more useful information than comparing advertised rates alone.
FAQs
What is the average 30-year mortgage rate right now?
Freddie Mac reported an average 30-year fixed mortgage rate of 6.67% as of August 13, 2026. This is a national weekly average, not a personalized mortgage quote.
Will mortgage rates go down in 2026?
No one can say for certain. Mortgage rates can rise or fall as economic and financial conditions change. It is safer to make your buying decision based on what you can comfortably afford today rather than assuming rates will fall.
Why is my mortgage rate higher than the rate I saw online?
Online rates may be based on assumptions that do not match your loan. Your credit profile, loan type, down payment, property, loan amount, and whether the advertised rate requires points can all affect the rate and terms available to you.
Should I get preapproved if I am waiting for rates to fall?
It can still be helpful. A preapproval can give you a better idea of what you may qualify for and what buying could look like today. You can then decide whether you are ready to move forward or would rather wait.
If you are wondering whether it makes sense to buy now or wait, give us a call. We can discuss your situation, answer your questions, and help you understand what your financing may look like.
If you are ready to take the next step, start your preapproval online to get a clearer picture of your potential buying power and financing options.
Sources
Freddie Mac, Primary Mortgage Market Survey, August 13, 2026
Consumer Financial Protection Bureau, Mortgage Rate Locks, Loan Estimates, Discount Points and Lender Credits
Federal Reserve, Federal Open Market Committee Statement, July 29, 2026
Mortgage rates can change and individual loan offers vary. Payment examples include principal and interest only and are provided for educational purposes. This article is for general educational purposes and is not financial, legal, or tax advice.
Date Posted: 8/16/2026
by Alexander Pfleger
