Mortgage Rates Climb Ahead of Jackson Hole Summit

Mortgage rates inched up to 6.66% for the week ending Aug. 27, according to Freddie Mac's latest data. This marks a slight increase of 1 basis point from the previous week. The average rate on 30-year fixed home loans has remained relatively stable despite recent volatility in bond markets.

Freddie Mac's chief economist, Sam Khater, notes that the economy remains resilient, with steady consumer spending and rising household incomes contributing to a balanced housing market. Home prices have also fallen year over year for nine consecutive months, down 2.4% in July to $428,950.

The upcoming Jackson Hole Economic Policy Symposium may provide some clarity on the direction of interest rates, as Federal Reserve Chairman Kevin Warsh addresses still-elevated inflation and its impact on energy prices. Markets expect a neutral tone from Warsh's speech, but any surprise could move Treasury yields and mortgage rates.