Mortgage Rates Tick Up Slightly — But Still Near Recent Lows

Mortgage rates nudged higher on August 10th after hitting their lowest point in three weeks, driven largely by rising oil prices and inflation concerns tied to ongoing geopolitical tensions. Here's what California buyers and homeowners should know right now.

Mortgage rates moved slightly higher this week after briefly touching their lowest levels in three weeks. As of August 10th, the 30-year fixed rate sits at approximately 6.76%, the 15-year fixed at 6.27%, and jumbo loans at 6.86% — all just a small step above where they were on Friday.

So what's pushing rates up? The short answer: oil prices. When oil rises, it signals potential inflation ahead, and inflation is one of the biggest drivers of mortgage rates. With ongoing geopolitical tensions in the Middle East, this oil-rate relationship has been especially pronounced. Any progress toward a ceasefire or diplomatic resolution could quickly push rates back down.

The good news for California buyers and homeowners? Even with today's slight uptick, rates are still sitting near the lower end of where they've been over the past three weeks. That's a meaningful window compared to where rates were just a few months ago.

Additionally, inflation reports dropping later this week could move rates in either direction — so if you've been sitting on the fence about locking in a rate, now is a smart time to stay engaged and be ready to act.

Want to know if today's rates work for your purchase or refinance? Reach out to our team for a free rate quote — we'll help you find the best fit for your California home loan.