According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) results as of September 24, 2026.
What the survey says
Freddie Mac said the 30-year fixed-rate mortgage averaged 7.03% as of September 24, 2026, up from 6.95% the prior week. A year earlier, the 30-year averaged 6.30%.
The 15-year fixed averaged 6.42%, up from 6.26% last week. A year ago it was 5.49%.
Freddie Mac Chief Economist Sam Khater said the housing market “remains supported by a solid labor market and an economy that is growing at a healthy rate.”
Earlier this week, Mortgage Bankers Association data already showed conforming contract rates above 7%. Freddie’s survey is a separate weekly average of conventional purchase applications — and it has now crossed that line too.
Key points to know
- Week-over-week, the 30-year rose 0.08 percentage points (from 6.95% to 7.03%).
- Compared with a year ago, the 30-year is about 0.73 points higher (7.03% vs. 6.30%).
- Realtor.com research called this the highest Freddie 30-year print in about 20 months — the first above 7% since January 2025.
- PMMS averages conventional, conforming purchase loans for borrowers with strong credit and about 20% down — your quoted rate can be higher or lower.
- Results are released weekly (typically Thursday) and reflect applications from the prior Thursday through Wednesday.
Why it matters if you are buying or already own
For buyers in California and Oregon, a 7% handle is as much psychological as mathematical. Qualifying ratios get tighter, and monthly payments move against you even when the weekly bump looks small.
On an illustrative $500,000 loan amount (principal and interest only, 30-year fixed, no taxes/insurance/HOA), roughly:
- At 6.95%: about $3,310 per month
- At 7.03%: about $3,337 per month
That is roughly $27 more per month — or about $324 per year — from this week’s move alone. Versus a year ago at 6.30%, the same $500,000 loan is about $242 more per month.
On a larger California loan amount, the dollar gap scales up. On $800,000, this week’s move is about $43 more per month; versus a year ago, about $387 more per month.
If you already own and are locked, this week’s survey does not change your payment. If you are shopping or rate-shopping before locking, compare written Loan Estimates the same day; the national average is a benchmark, not your personal offer.
Important limits
- PMMS is a national average for a specific borrower profile. Your rate depends on credit, down payment, loan size, property type, and lender pricing that day.
- Payment examples above are principal and interest only. California and Oregon budgets also need taxes, insurance, HOA dues, and any mortgage insurance.
- This is market news for homebuyers and homeowners — not advice to buy, wait, refinance, or choose a specific loan product.
Source: Freddie Mac Primary Mortgage Market Survey as of September 24, 2026. Additional context from Realtor.com Economic Research.