Current mortgage rates are down and lower than they were seven days ago. Rates are lower than they were in early 2025, when the average 30-year fixed-rate mortgage reached above 7%. But rates are still relatively high as fears around stubborn inflation have kept the Federal Reserve from lowering its benchmark rate so far this year.

The average 30-year fixed mortgage is now 6.58%, falling after last Friday's weak jobs report increased the likelihood the Fed will cut interest rates next month.

Mortgage rates are plunging as the financial markets try to make sense of the poor July jobs report. The average rate on a 30-year mortgage fell to a 10-month low of 6.57% on Monday, down from 6.74% on July 28,