July's surprising jobs report helped drive Treasury yields and corresponding rates lower, opening up a window of opportunity for borrowers to capitalize.

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 current average mortgage rate on a 30-year fixed mortgage is 6.51%, compared to 6.72% a week earlier, according to the Mortgage Research Center. For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 5.