What these rates actually mean

The numbers on this page are national weekly averages published each Thursday by Freddie Mac as part of the Primary Mortgage Market Survey (PMMS) — the most widely cited mortgage rate benchmark in the country. They reflect rates offered to well-qualified borrowers with 20% down on single-family primary residences.

Your actual rate will differ. Lenders price loans based on your credit score, loan-to-value ratio, property type, occupancy, loan size, and the specific day you lock. As a broker, I shop your scenario across 100+ wholesale lenders to find the best execution — which often beats the national average, especially on non-conforming products.

When to watch rates

Mortgage rates move daily in response to bond markets, Fed policy, and economic data — but the PMMS captures a weekly snapshot. If you're actively shopping, the real-time rate environment matters more than the weekly average. The trend chart above is most useful for understanding the broader direction: are rates falling from a recent peak, holding steady, or creeping up?

The spread between 30-yr and 15-yr is worth watching too. When the gap narrows, 15-year loans become relatively more attractive. When it widens, the lower payment of a 30-yr makes more sense for buyers who are cash-flow constrained.