Mortgage rates remain mostly better historically as this week and last observed some slight decreases, according to the latest data from Freddie Mac. However, the persistence of economic and market headwinds put this silver lining at risk.
The latest Freddie Mac Primary Mortgage Market Survey® saw the 30-year fixed-rate mortgage (FRM) average 6.65% as of Aug. 20, down from last week’s average of 6.67% and the second week in a row of decreases. The 30-year FRM is up year-over-year from 6.58%. In addition, the 15-year FRM averaged 5.95%, down from last week when it averaged 5.96%, but up from last year when it averaged 5.69%.
Sam Khater—Freddie Mac’s Chief Economist—said that a dip in rates will provide “modest relief for homebuyers.”
However, Realtor.com® Senior Economist Jake Krimmel noted that the Primary Mortgage Market Survey is a review of the past week, and that “today’s print is best understood as the base level from which mortgage rates may push higher next week amid market volatility.”
Krimmel added that as of late it feels as if there is “more upward than downward pressure on mortgage rates right now,” which he said is a “tough setup heading into late summer and early fall.”
The persistent silver lining is that mortgage data is still somewhat better historically, as Krimmel noted that rates this year are overall averaging at 6.35%, vs. 6.60% in 2025. However, the continuation of the Iran war puts this silver lining in a state of uncertainty.
Krimmel also noted that the focus in the coming months should be less on potential rate hikes from the Fed, and more on “the fiscal outlook in the medium to long run.”
“The 30-year Treasury hit a nearly 20-year high this week, enough to prompt the Treasury Department to step in and buy back billions,” he continued. “Although the 30-year, the national debt, and Secretary Bessent are grabbing the headlines, the 10-year Treasury yield remains the number to watch for homebuyers.”
