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National mortgage benchmarks

Mortgage rates and market context.

National weekly mortgage averages, not personalized offers. Your rate may be different. Explore the averages first, then tools, market context, and all 50 state guides.

Mortgage rate averages

Mortgage rates at a glance

These are national mortgage rate averages, not personalized offers. Your rate may be different.

Checking for dated national observations. Use an editable planning input below while we check.

How mortgage rates work →Plan a payment with an editable interest assumption →
Methodology and source information

Freddie Mac’s Primary Mortgage Market Survey is the source of the 30-year and 15-year national weekly mortgage averages. The Federal Reserve Bank of St. Louis distributes series MORTGAGE30US and MORTGAGE15US through FRED. U.S. Treasury data (DGS10) is a separate daily market indicator.

Changes are percentage-point differences between actual previous and latest observations where the supplied history and source dates agree. Gaps between observations may exceed one week. History is shown in observation order, not as a dated daily series. Unverified static or carried-forward fallback snapshots are not presented as source observations.

Full methodology

Market data shown for general information only. Not an offer, quote, advertisement of a specific rate, or representation of rates available to any individual borrower. Your actual rate depends on your file, your property, and the day you lock.

The short version
  • Long-term mortgage rates follow the bond market and the 10-year Treasury, not the Fed Funds rate directly.
  • The Fed Funds rate moves short-term products like credit cards and HELOCs, but only indirectly affects 30-year fixed rates.
  • Daily moves are driven by inflation data, the jobs report, and Treasury auctions.
  • National averages are trend indicators. Your personal rate depends on credit, loan-to-value, and the day you lock.
  • Watch the trend, not the day. A bad day inside a good month is still a good month.
Other loan programs

Why some product rates are not shown

Verified current observations for FHA, VA, jumbo, ARM, other terms, and refinance-specific pricing are not available in this display. Stored reference figures have not been relabeled as current rates, and no pricing is inferred from the national averages. Compare loan features in our guides and request written, dated estimates from lenders.

Explore loan programs →Estimate a payment →
Editorial archive

Dated market commentary for historical context. These entries do not describe today's conditions.

Bonds finally getting a break

Published · Mortgage Today Editorial

After three weeks of pressure, the 10-year is grinding lower. Don't confuse a quiet week with a trend, but borrowers shopping right now have the best window we've seen this month.

Last week's softer inflation print took some pressure off bonds, and the 10-year yield ground lower most days. That is the cleanest proxy we have for where 30-year mortgage rates are headed, and it has translated into modestly better lender pricing across the board.

If you're locked in a contract right now, this is a reasonable spot to lock. If you're shopping, it's a reasonable spot to get fully underwritten so you can move quickly when you find the house. Don't try to time the bottom, you'll miss it. Make decisions on your situation, not the market.

What I'm watching this week: the next CPI release and any Fed-speaker commentary on the timing of cuts. Either could move things in a hurry.

Earlier archive entries

  • No news is good news

    Quiet macro week, quiet rate week. The market is still digesting last month's economic data and waiting for the next CPI print.

  • A rough quarter-end for mortgage bonds

    Quarter-end positioning plus a hot jobs revision pushed the 10-year noticeably higher into the close of Q1.

  • Spreads are still the story

    MBS spreads stayed elevated this week. That's why mortgage rates aren't moving down even as Treasuries have settled.

  • A quiet Fed is doing the work

    The latest Fed meeting was a non-event in terms of new information, which is exactly what bond markets needed.

  • CPI came in cool

    Inflation data was a touch softer than expected. Bonds liked it. Rates eased into the end of the week.

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Compare two states

Side by side: pick any two state guides

Compare repository home-price estimates, property taxes, closing costs, and listed conforming and FHA loan-limit references. Limits depend on county and year; confirm current figures with the cited agencies.

Or open the full comparison tool to choose any two states.

What actually moves these numbers

The 30-year fixed rate is set by the bond market, specifically the demand for mortgage-backed securities, not by the Federal Reserve directly. The Fed sets short-term rates that influence things like credit cards and HELOCs. Long-term mortgage rates are shaped by inflation expectations, the broader economy, and how investors are pricing risk on bonds.

If you want one number to watch, the 10-year Treasury yield is the cleanest proxy. The mortgage rate is roughly that yield plus a spread that widens in stress periods and tightens in calmer ones.

How to read rate news without overreacting

Look at the trend, not the day. Rates move in ranges. A bad day inside a good month is still a good month. Anchor decisions to your situation, not the market: if a refinance saves you a meaningful amount per month and you plan to stay in the home long enough to recoup the cost, that math does not change because rates might be lower in three months.

For a deeper read on this, the guide to how mortgage rates work explains the bond market, the Fed, and the personal factors behind your number, and the Rates and Market section of the blog covers what is actually moving rates each cycle.

About this data

Source: Freddie Mac’s Primary Mortgage Market Survey, distributed by FRED from the Federal Reserve Bank of St. Louis. These are national weekly 30-year and 15-year mortgage averages. U.S. Treasury supplies the separate Treasury yield. Other product figures are withheld where provenance is unverified. The figures shown are historical market data for educational purposes only. They are not an offer, a quote, an advertisement of a specific rate, or a representation of rates available to any individual borrower. Actual rates depend on credit, loan-to-value, occupancy, property type, program, and the day you lock.

Read how we calculate the lock signal and snapshot, or browse every weekday snapshot in the public rates archive.

Mortgage rates: common questions

Where do the averages on this page come from?
The 30-year and 15-year mortgage averages come from Freddie Mac’s Primary Mortgage Market Survey, distributed through FRED. The 10-year Treasury is a separate U.S. Treasury bond-market yield, not a mortgage rate. Each value shows its own observation date. Other product figures are withheld where provenance is not established.
Does the Federal Reserve set mortgage rates?
No. The Fed sets short-term rates that influence things like credit cards and HELOCs. Long-term mortgage rates are set by the bond market, specifically the demand for mortgage-backed securities, and move with inflation expectations and the 10-year Treasury yield.
Why is my quoted rate different from the average?
Your rate depends on your credit, down payment relative to home value, loan size, occupancy, property, loan program, lender, and the day you lock. National averages are not personalized offers.
What moves mortgage rates day-to-day?
Daily moves are driven by bond market reaction to inflation reports (CPI, PCE), employment data (jobs report), Fed commentary, and Treasury auctions. The 10-year Treasury yield is the cleanest single indicator to watch.
Should I lock my rate or float?
Compare the offered rate, lock period, fees, closing timeline, and the cost of an extension with your lender. A lock can protect a rate for its agreed period; floating leaves it exposed to changes. Neither choice guarantees a better outcome.
How often do mortgage rates change?
Wholesale mortgage rates re-price daily, and lenders can re-price intra-day on volatile market days. The weekly averages on this page smooth out the daily noise to show you the trend.
Are these your actual mortgage rates?
No. These are Freddie Mac national weekly mortgage averages distributed by FRED. Your actual rate depends on your credit, down payment, occupancy, property type, program, lender, and the day you lock.
Why do mortgage rates and Fed rates not always move together?
The Fed sets short-term rates that influence things like credit cards and HELOCs. Long-term mortgage rates are driven by the bond market, particularly demand for mortgage-backed securities and the 10-year Treasury yield, plus the spread between them.
What's a normal range for the spread between Treasuries and mortgage rates?
There is no fixed spread that can turn a Treasury yield into a borrower mortgage rate. The difference varies with bond-market conditions and mortgage-specific risks. Compare dated source observations rather than assuming a constant markup.
Should I wait for rates to drop before refinancing?
Run the math both ways. If a refinance saves you a meaningful amount per month and you'll stay in the home long enough to recoup the closing costs, the math works. Trying to time the bottom usually costs more than it saves.
How often does this page update?
Mortgage survey averages are weekly; Treasury yields have their own daily observation dates. The service-reported capture time is separate and does not prove a new observation. Editorial reads are dated archive entries, not a promise of current commentary.
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