The national average for a 30-year fixed-rate mortgage rose to 6.69% this week, according to data released by Freddie Mac on August 6, 2026. The increase in interest rates follows a period of declining housing activity, as pending home sales in June 2026 saw a 5.4% month-over-month decrease, according to the National Association of Realtors.
Mortgage Rate Trends
Mortgage rates continue to fluctuate, with the 30-year fixed-rate mortgage averaging 6.69% as of August 6, 2026. This represents an increase from last week, when the rate averaged 6.66%. Comparing current trends to historical data, the 30-year fixed-rate mortgage averaged 6.63% exactly one year ago.
While the 30-year rate saw an upward trend, the 15-year fixed-rate mortgage averaged 6.01% this week. This is a slight decrease from the 6.04% average recorded last week. However, the 15-year rate remains higher than it was a year ago, when it averaged 5.75%.
Declining Pending Sales
The recent uptick in mortgage rates comes amid a broader cooling in the housing market. In June 2026, pending home sales decreased by 5.4%, with month-over-month sales declining across all four major U.S. regions.
While year-over-year pending home sales saw increases in the Northeast and Midwest, they declined in the South and West. Dr. Lawrence Yun, Chief Economist at the National Association of Realtors, stated that the combination of the highest mortgage rates in nearly a year and record-high national median home prices is contributing to a tepid housing market. Yun noted that these conditions are making the market especially difficult for first-time homebuyers.
Economic Indicators and Impact
The Pending Home Sales Index serves as a leading indicator of housing activity. It measures housing contract activity and is based on signed real estate contracts for existing single-family homes, condos, and co-ops. Because a home typically goes under contract one or two months before it is officially sold, the index generally leads Existing-Home Sales by a similar timeframe.
Despite the volatility in contract signings, NAR Chief Economist Dr. Lawrence Yun emphasized that closing activity, rather than contract signings, is what generates significant economic impact. He noted that pending contracts are only suggestive of upcoming closed deals and do not align perfectly with final sales due to contract contingencies and fallout rates.
How Mortgage Data is Collected
Freddie Mac's Primary Mortgage Market Survey (PMMS) provides weekly data on U.S. mortgage rate averages. The survey results are based on mortgage rates collected from thousands of loan applications submitted through the Loan Product Advisor (LPA) from lenders across the country when borrowers apply for a mortgage.
The survey includes a mix of lenders, such as commercial banks, credit unions, and mortgage lending companies. The PMMS results are published every Thursday at 12 p.m. ET, representing an average of the loan rates offered from the prior Thursday through Wednesday.
Market Adjustment and Outlook
While mortgage rates continue to influence housing affordability, Freddie Mac reported that the market is showing signs of adjustment. This adjustment includes listing prices that are modestly below year-ago levels and an improvement in for-sale inventory compared to the limited supply seen in recent years.
The National Association of Realtors is scheduled to release the Pending Home Sales data for July 2026 on Tuesday, August 18, 2026, at 10 a.m. Eastern.
Historical Context
The PMMS has provided 30-year fixed-rate mortgage data since April 1971. The methodology for gathering this data was updated on November 17, 2022, shifting from surveying lenders directly to using data from the Loan Product Advisor. This update also resulted in the discontinuation of published data for adjustable rates and fees/points.
Mortgage Product Shifts
The current market conditions highlight a shift in how mortgage products are utilized. Although adjustable-rate mortgages (ARMs) have seen an uptick in share within the broader mortgage market, they remain most popular for higher loan size, nonconforming loans. The mortgage market continues to be dominated by fixed mortgage products.
