Mortgage Rates Nudge Up to 6.66% Ahead of Fed’s Jackson Hole Summit

Mortgage rates slightly increased this week but remained relatively stable as bond markets—coming off a month of volatility—await Federal Reserve Chairman Kevin Warsh's inaugural keynote address at the annual Jackson Hole conference.The average rate on 30-year fixed home loans rose to 6.66% for the week ending Aug. 27, up 1 basis point from 6.65% the previous week, according to Freddie Mac. For perspective, rates averaged 6.56% one year ago."Mortgage rates changed little this week averaging 6.66%," says Sam Khater, Freddie Mac's chief economist. "The economy remains resilient, demonstrated by steady consumer spending and rising household incomes. More homes coming on the market and slower price growth in many areas are giving buyers better options and helping create a more balanced housing market."Home loan rates have hovered in the mid-6% range since the beginning of August as 10-year Treasury yields have stayed elevated in reaction to geopolitical tensions in the Middle East and inflation data, bouncing between 4.65% and a 20-month high of nearly 4.75%. July's Personal Consumption Expenditures (PCE) report, the Fed's preferred inflation gauge, came in slightly hotter than expecte...