Mortgage rates are up slightly this week, mostly due to a spike on Wednesday after new data showed that inflation grew faster than anticipated in July. Rates have since settled back to “normal” (by this week’s standards).
The average rate on a 30-year fixed-rate mortgage grew two basis points to 6.57% APR in the week ending Aug. 27, according to rates provided to NerdWallet by Zillow. (A basis point is one one-hundredth of a percentage point.) We calculate our weekly average mortgage rates using daily APRs recorded over the past five business days.
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