Freddie Mac released its Primary Mortgage Market Survey (PMMS) for the week ending June 4, 2026, showing the 30-year fixed-rate mortgage averaged 6.48% -- down from 6.53% the previous week. One year ago, the 30-year rate averaged 6.85%, making the current rate meaningfully lower year-over-year.
The 15-year fixed-rate mortgage averaged 5.79%, down from 5.87% the week prior. A year ago, the 15-year rate averaged 5.99%.
What Freddie Mac's Economists Said
Sam Khater, Freddie Mac's Chief Economist, commented on the release: "With mortgage rates in the mid-6% range and income growth outpacing home price growth, housing affordability is marginally improving." The comment signals that even at current rate levels, the affordability picture is slowly shifting in buyers' favor as wage growth has outpaced home price appreciation in many markets.
Historical Context: Where Rates Have Been
To put the June 4 reading in context, the 30-year fixed-rate mortgage averaged approximately 7.79% in October 2023 -- the highest level in over two decades. Rates began declining in late 2023 and through most of 2024 as inflation moderated and the Federal Reserve signaled a more accommodative posture. After a volatile period in early 2026 tied to geopolitical developments in the Middle East, rates have settled into a mid-6% range.
For the week ending June 4, 2026:
- 30-year fixed-rate mortgage: 6.48% (down from 6.53% the prior week; down from 6.85% one year ago)
- 15-year fixed-rate mortgage: 5.79% (down from 5.87% the prior week; down from 5.99% one year ago)
What This Means for Monthly Payments
A 0.05 percentage point decline in the 30-year rate translates to modest but real savings on a monthly payment. On a $350,000 loan:
- At 6.53%: approximately $2,222 per month (principal and interest)
- At 6.48%: approximately $2,212 per month (principal and interest)
- Monthly savings: approximately $10 per month, or $3,600 over a 30-year loan life
On a larger loan balance of $500,000, the same rate change produces approximately $14 per month in savings, or roughly $5,100 over the loan term. While these weekly movements are incremental, they compound meaningfully when rates trend in the same direction for multiple consecutive weeks.
The 15-Year vs. 30-Year Spread
The spread between the 30-year and 15-year fixed rates narrowed slightly this week, with the 15-year rate at 5.79% and the 30-year at 6.48% -- a gap of 0.69 percentage points. This spread matters for borrowers deciding between loan terms. Choosing a 15-year mortgage at 5.79% versus a 30-year at 6.48% on a $350,000 loan would save approximately $147,000 in total interest over the loan life, though the 15-year monthly payment would be approximately $600 higher.
What the PMMS Measures
Freddie Mac's PMMS surveys loan applications submitted to Freddie Mac through its Loan Product Advisor (LPA) platform from lenders across the country. The survey focuses on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20% down and have excellent credit. Results reflect actual application data, not advertised teaser rates, making the PMMS one of the most widely cited benchmarks for conventional mortgage pricing in the United States.
Affordability Context
Despite the week-over-week improvement, affordability remains stretched by historical standards. The combination of home prices that rose sharply from 2020 through 2023 and interest rates that remain well above the 3% to 4% range that prevailed from 2012 to 2021 has pushed the monthly cost of homeownership significantly above pre-pandemic levels. The Federal Housing Finance Agency's House Price Index data and Freddie Mac's own research indicate that income growth has been outpacing home price appreciation in 2026 -- a necessary condition for affordability to improve over time.
For prospective buyers evaluating the current market, a rate of 6.48% is meaningfully better than the 7%-plus environment of late 2023 and early 2024. Buyers who locked rates during that period may have refinancing opportunities as rates continue to moderate.
Source: Freddie Mac Primary Mortgage Market Survey, June 4, 2026. Available at freddiemac.com/pmms.