Freddie Mac's Primary Mortgage Market Survey for the week ending July 2, 2026 showed the 30-year fixed-rate mortgage averaging 6.43%, down six basis points from 6.49%. The 15-year fixed-rate mortgage averaged 5.79%, down from 5.84%. A year earlier the 30-year stood at 6.67% and the 15-year at 5.80%.
Sam Khater described the 30-year as having eased slightly, noting rates at a seven-week low and purchase demand continuing to edge higher as buyers respond to modest affordability improvements.
What a Seven-Week Low Is Worth
"Seven-week low" sounds like a milestone. It is worth being precise about the size of it. The previous seven weeks ranged from 6.47% to 6.55%, so this reading beats the prior low by four basis points. On a $350,000 loan that is about $9 per month.
The framing matters because rate headlines routinely imply urgency that the arithmetic does not support. A borrower who locked at the recent high of 6.55% instead of this week's 6.43% pays roughly $28 more per month on $350,000. Over 30 years that compounds into real money -- about $10,000 -- but it is not a reason to rush or delay a purchase decision that hinges on far larger variables.
Payments at 6.43%
- $250,000 loan: about $1,569/month
- $350,000 loan: about $2,196/month
- $450,000 loan: about $2,824/month
- $600,000 loan: about $3,765/month
Principal and interest only, before taxes, insurance, and any PMI.
Where a Dip This Size Does Matter: Refinancing
For purchase borrowers, six basis points is noise. For refinance candidates with a large rate gap, the absolute level is what counts, and 6.43% is the best level in nearly two months.
A borrower carrying 7.75% on a $350,000 balance pays about $2,507 per month. Refinancing at 6.43% brings that to roughly $2,203 -- a saving of about $304 per month. At $8,000 in closing costs, the breakeven is about 26 months. If you expect to stay in the home past that point, the math works; if you might move sooner, it does not, no matter how attractive the rate looks.
The breakeven calculation is the entire decision, and it is specific to your balance, your current rate, and your actual closing costs -- not to the headline. Our Loan Comparison Calculator will run the two side by side.
Recent 30-Year PMMS Readings
- July 2, 2026: 6.43% (down from 6.49%)
- June 25, 2026: 6.49% (up from 6.47%)
- June 19, 2026: 6.47% (down from 6.52%)
- June 11, 2026: 6.52%
- One year ago (July 2025): 6.67%
What the PMMS Measures
PMMS rates come from applications submitted to Freddie Mac through Loan Product Advisor, covering conventional, conforming, fully amortizing home purchase loans for borrowers with 20% down and excellent credit. Your quote will differ. Results publish Thursdays at noon ET and average the rates offered from the prior Thursday through Wednesday.
Source: Freddie Mac Primary Mortgage Market Survey, July 2, 2026. Available at freddiemac.com/pmms.