Freddie Mac's Primary Mortgage Market Survey for the week ending July 9, 2026 showed the 30-year fixed-rate mortgage averaging 6.49%, up six basis points from 6.43%. The 15-year fixed-rate mortgage averaged 5.82%, up from 5.79%. A year ago the 30-year averaged 6.72% and the 15-year 5.86%.
The move erases the previous week's dip. On July 2 the 30-year had reached 6.43%, a seven-week low; one week later it is back where it started. Sam Khater described rates as having changed little recently, while noting that economic growth and housing affordability continue to improve for homebuyers.
Nine Weeks Inside a 12-Basis-Point Band
The reversal is less interesting than the range it happened inside. Every 30-year PMMS reading since early May has fallen between 6.43% and 6.55% -- a span of twelve basis points across nine weeks. For context, the 30-year moved more than that in a single week on several occasions in 2023.
What a band that narrow means practically: the timing of your lock, within any given month, is not where your money is. On a $350,000 loan, the entire nine-week range is worth about $28 per month. Your credit score, your down payment, and which lender you choose are each worth multiples of that. Our guide on How to Compare Loan Offers covers where the real differences live.
Payments at 6.49%
- $250,000 loan: about $1,579/month
- $350,000 loan: about $2,210/month
- $450,000 loan: about $2,841/month
- $600,000 loan: about $3,788/month
Principal and interest only. Property taxes, homeowners insurance, and PMI where it applies add materially to what you actually pay each month -- often 25% or more on top of the P&I figure. If your down payment is under 20%, see What Is PMI? for what that costs and when it comes off.
The Affordability Claim, Examined
Khater's point about improving affordability is defensible but narrow. The 30-year is 23 basis points below its level a year ago, which on a $350,000 loan is worth roughly $53 per month. That is a genuine improvement. It is also small relative to what home prices have done over the same period in most markets -- and rate relief that is measured in tens of dollars does not offset price growth measured in tens of thousands.
Affordability improved. Whether it improved enough to change a household's decision is a separate question, and the answer depends far more on local prices than on the national rate.
Recent 30-Year PMMS Readings
- July 9, 2026: 6.49% (up from 6.43%)
- July 2, 2026: 6.43% (down from 6.49%)
- June 25, 2026: 6.49% (up from 6.47%)
- June 19, 2026: 6.47%
- One year ago (July 2025): 6.72%
What the PMMS Measures
The survey draws from applications submitted to Freddie Mac through Loan Product Advisor and covers conventional, conforming, fully amortizing purchase loans for borrowers with 20% down and excellent credit. It is the best-case conventional rate, not a quote. Results publish Thursdays at noon ET.
Source: Freddie Mac Primary Mortgage Market Survey, July 9, 2026. Available at freddiemac.com/pmms.