The average rate for a 15-year fixed mortgage is 5.99%, which is a decrease of -0.06% from the same time last week. You could get a lower mortgage interest rate by making a higher down payment, improving your credit score or buying mortgage points.

According to St. Germain, the Fed is likely to prioritize its dual mandate of keeping inflation in check, even with the political pressure increasing. As a result, prospective homebuyers shouldn't expect August to usher in much change for mortgage rates.