Mortgage rates hover near 6% in August, with experts predicting continued volatility

Mortgage rates have crept into the mid-6% range after a July high, and analysts expect August to bring little sustained relief, with forecasts around 6.25%–6.8% and a roughly 63% probability of a Fed rate hike in September. With inflation and energy costs affecting the pace of moves, experts say buyers should focus on affordable financing and long-term plans, as refinancing could still occur if rates drift lower later in the year.