Mortgage rates tick slightly higher but remain near 6.5%

Mortgage rates moved slightly higher this week but have remained relatively steady in recent weeks, mortgage buyer Freddie Mac said on Thursday.

Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed the average interest rate on the benchmark 30-year fixed mortgage rose to 6.49%, up from last week’s reading of 6.43%.

The average rate on a 30-year fixed-rate mortgage was 6.72% a year ago.

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“The 30-year fixed-rate mortgage averaged 6.49% this week,” said Freddie Mac chief economist Sam Khater.

“Mortgage rates have not changed much recently, but economic growth and housing affordability continue to improve for homebuyers as they shop for homes in today’s market,” Khater added.

The average rate on a 15-year fixed mortgage also moved slightly higher to 5.82%. That’s an increase from 5.79% last week, though it remains below the average rate of 5.86% from a year ago.

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Mortgage rates are affected by several factors, including the Federal Reserve and geopolitics. Although mortgage rates aren’t directly affected by the Fed’s interest rate decisions, they closely track the 10-year Treasury yield. The 10-year yield hovered around 4.5% as of Thursday afternoon.

The latest mortgage data comes as conditions in the housing market have improved somewhat for buyers, many of whom have been on the sidelines as tight inventory has supported higher home prices and mortgage rates have held relatively steady.

Realtor.com this week released a midyear update to its 2026 housing market forecast that estimates home price growth will slow to 1.2% this year, a rate that’s slower than the original forecast for the year and is below the current pace of inflation. That means home prices would be effectively declining in real, inflation-adjusted terms.

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“Against a backdrop of both familiar and new challenges, the economy has proved resilient. As a result, the first half of 2026 delivered stability more than momentum in the housing market,” said Realtor.com senior economist Danielle Hale.

“The housing market is inching forward as sellers reset expectations, price growth cools, and buyers gain more negotiating power,” Hale said. “Looking ahead, we expect momentum to build through the second half of the year as more sidelined buyers and sellers find terms that will work for both sides.”

Mortgage rates are projected to hold steady at 6.3%, the same level they were at when 2025 ended, as a resurgence of inflation caused by the Iran war undercut the prospects of interest cuts in the first of the year that could’ve helped mortgage rates decline.