The average U.S. 30-year fixed mortgage rate fell to 6.65% for the week ending Aug. 20, 2026, from 6.67% the previous week, marking a second consecutive weekly decline after rates reached 6.69% during the week of Aug. 6. The 15-year fixed rate also edged down, to 5.95% from 5.96%. Freddie Mac Chief Economist Sam Khater said the reductions offer some relief, especially for borrowers who shop for better terms. Despite the recent decline, the 30-year rate remained above its 6.58% level in mid-August 2025, complicating the view that affordability is steadily improving. The rate gap has kept the housing market constrained as homeowners with mortgages below 4% avoid selling, while buyers face elevated borrowing costs and limited inventory. Two weeks of declines are unlikely to break that lock-in effect, but a sustained easing could support first-time buyers, residential real estate investment trusts and homebuilders. Mortgage rates remain sensitive to expectations for Federal Reserve policy and the 10-year Treasury yield, making coming economic and Fed signals more important than any single weekly move.