Rates surged this week to levels not seen in over a year, and for the first time, it's higher than the same time last year.
The game has finally changed.
Mortgage rates continued their upward climb this week, with the average rate on 30-year fixed home loans rising to 6.69% for the week ending August 6, up 3 basis points from 6.66% the previous week, according to Freddie Mac.
But notably, this marks the first time in 10 months that rates have risen above their year-ago level, when rates averaged 6.63% during the same period in 2025.
So what does this mean for homebuyers? Using the Realtor.com® mortgage calculator, we can look at how the math works out for the median-priced home in the U.S.
All examples assume a 30-year fixed mortgage and include principal and interest only, excluding property taxes, homeowners insurance, and mortgage insurance.
Monthly mortgage payment today with a 20% down payment
For a homebuyer eyeing the median house price of $430,000, a 20% down payment results in a loan amount of $344,000.
At today's 6.69% rate, the monthly principal and interest payment is approximately $2,217. This reflects a $6 monthly increase from the previous week’s payment of $2,211.
Unlike previous updates where current buyers enjoyed year-over-year savings, today's rate requires $13 more per month compared to the $2,204 payment buyers faced during the same week in 2025.
Monthly mortgage payment today with a 3.5% down payment
The monthly costs have also increased slightly for those using FHA loans with a 3.5% down payment.
On a $430,000 home, an FHA borrower would finance roughly $414,950. At today’s 6.69% rate, the monthly principal and interest payment comes to approximately $2,675.
This reflects an $8 increase from last week's monthly cost of $2,667. Compared to the 6.63% rates of August 2025, where the monthly payment for this loan amount sat at $2,658, today’s FHA borrowers are paying an extra $17 in interest every month.
However, looking back at the October 2023 peak of 7.79%, where the payment for a home at this price reached $2,984, today's monthly payment still offers $309 in relief.
Long-term savings over 30 years
The long-term financial picture shows how these persistent rate hikes impact total borrowing costs over time.
A buyer with a 20% down payment at today’s 6.69% rate will pay a total of $798,291 in principal and interest over the life of the mortgage.
While recent rate increases have pushed total costs upward, this sum remains a contrast to the October 2023 peak of 7.79%, when the total cost for that same $344,000 loan would have reached $890,630.
By securing a mortgage at today’s rate instead of that peak, a homebuyer effectively avoids $92,339 in interest charges over the 30-year term.
FHA borrowers see a similar trajectory of long-term figures. Financing the current median-priced home at today's 6.69% rate results in a lifetime payment of $962,938 for principal and interest.
If that same loan had been locked in at the 7.79% peak in late 2023, the total cost would have climbed to $1,074,323. This represents a total long-term savings of $111,385 for FHA buyers.
While crossing above last year's rate baseline highlights a shifting mortgage market, current rates still maintain a measurable discount compared to the historical highs of late 2023.