This is how the average mortgage interest rate has trended over the past three years...

August 2023 = 7.18%

August 2024 = 6.35%

August 2025 = 6.56%

August 2026 = 6.66%

The lowest rate we've seen over the past three years has been 5.98% and the highest has been 7.79%.

So... if you're looking to buy a home today... and you're not sure about committing to a home purchase with a mortgage interest rate of 6.66% or 6.75%... keep in mind that we are not likely to see significantly lower rates in the near future.

Some economists predict that we could see mortgage interest rates at or below 6.5% by year end or in 2027... but there aren't many that are predicting interest rates at or below 6% by the end of this year or during 2027.

So, if you don't like the current rate of 6.75% and you're waiting for 6.5%... that's one thing.  If you're waiting for 6% or 5.75%... that might be a long wait.