Mortgage Rates See Minor Uptick Despite Year-Long Lows

Latest data shows slight increases in average rates for various mortgage types, but overall rates remain lower than last year.

The average rate for a 30-year fixed mortgage is now 6.56%, slightly up from 6.50% last week.
Rates for 15-year fixed mortgages have increased to 5.90%, up from 5.86% last week.
Jumbo mortgage rates have risen to 6.70% for a 30-year term.
Despite recent increases, rates are still significantly lower than the nearly 8% seen last year.
The Federal Reserve is expected to announce rate cuts in its upcoming September meeting.