The latest official national benchmark, released August 6, 2026, is 6.69% for a 30-year fixed mortgage and 6.01% for a 15-year fixed mortgage. Those figures are interest-rate averages from Freddie Mac—not APRs, guaranteed lender quotes, or necessarily the rate available to you on August 9.
There is no single universal “today’s mortgage APR.” Your APR depends on the loan program, term, credit profile, down payment, property, location, points, lender credits, fees, and rate-lock period. To find the genuinely cheapest loan, request comparable Loan Estimates from at least three lenders and compare the rate, APR, cash to close, mortgage insurance, monthly payment, and five-year borrowing cost together.
Rate update: Sunday, August 9, 2026. Mortgage rates can change several times during a business day. Always confirm the quote’s date, assumptions, and lock status with the lender.
Today’s official mortgage-rate snapshot
Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, August 6, reports the following national averages:
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| Mortgage product | Latest average rate | Previous week | One year earlier | Change from previous week |
|---|---|---|---|---|
| 30-year fixed | 6.69% | 6.66% | 6.63% | +0.03 percentage points |
| 15-year fixed | 6.01% | 6.04% | 5.75% | -0.03 percentage points |
The 30-year average has risen for five consecutive weeks and was 0.06 percentage points higher than a month earlier, according to the Freddie Mac PMMS archive. The 15-year average moved slightly lower over the latest week but remains above its year-earlier level.
Important: Freddie Mac’s figures are interest rates, not APRs. They represent conventional, conforming, single-family purchase-loan applications that meet Freddie Mac’s survey criteria. The survey uses thousands of applications from lenders nationwide and averages rates offered during the preceding Thursday-through-Wednesday period. It is therefore a useful benchmark, but not a live Sunday quote for every borrower.
Freddie Mac no longer publishes average fees and points through the current PMMS process because lenders do not consistently provide those data. That makes the benchmark especially unsuitable as a stand-in for an APR. See Freddie Mac’s PMMS methodology and FAQ for the survey’s limitations.
Why there is no single “today’s APR”
An interest rate is the contractual rate used to calculate interest on the loan balance. APR is a broader disclosure that combines the interest rate with certain finance charges, such as points, broker fees, and other applicable loan costs. Because fees differ by lender and borrower, two loans with the same interest rate can have different APRs. An APR is generally higher than the note rate, although lender credits or unusual pricing can produce a different relationship.
The Consumer Financial Protection Bureau explains the difference between mortgage rates and APR. The CFPB also identifies where to find the figures on the official Loan Estimate:
- Interest rate: Page 1, under “Loan Terms.”
- APR: Page 3, under “Comparisons.”
Your APR can vary because of:
- Loan type and repayment term.
- Purchase, rate-and-term refinance, or cash-out refinance purpose.
- Credit score, credit history, and recent late payments.
- Debt-to-income ratio, income documentation, employment profile, and reserves.
- Down payment and loan-to-value ratio.
- Loan amount and whether the loan is conforming or jumbo.
- Property type, occupancy, state, and county.
- Fixed-rate versus adjustable-rate structure.
- Rate-lock length.
- Discount points, lender credits, origination charges, and other finance charges.
- Mortgage insurance, government-loan fees, or guarantee charges.
That is why a lender’s Loan Estimate—not a generic rate table—is the decisive source for your actual rate and APR.
How different mortgage-rate sources can disagree
Mortgage-rate websites do not necessarily measure the same thing. A weekly application survey, a daily market index, a lender’s advertised rate, and a locked borrower-specific quote can all be accurate within their own definitions while showing different numbers.
| Source or quote type | What it measures | Why it may differ |
|---|---|---|
| Freddie Mac PMMS | Weekly average rate for qualifying conventional conforming purchase loans | Uses an earlier application period and does not provide a universal APR |
| Bankrate national averages | Provider-specific averages and separate partner-offer tables | Different survey methods, dates, borrower assumptions, points, and lender mix |
| Mortgage News Daily | Weekday daily rate index | Reflects market pricing at a particular time rather than a weekly application average |
| Lender advertisement | A promotional rate for a defined borrower and loan scenario | May require excellent credit, a particular down payment, points, state, loan amount, or lock period |
| Locked Loan Estimate | Your lender’s disclosed pricing for your transaction | Reflects your file, property, fees, loan program, and lock terms |
For context, the Bankrate page reviewed for this article displayed a July 28, 2026 snapshot—not an August 9 snapshot—including a 6.82% 30-year average, a 6.17% 15-year average, a 6.43% FHA average, and a 6.45% VA average. Its example 30-year offers ranged roughly from 5.75% to 6.25%, with APRs around 5.94% to 6.25%, but the offers used different points and upfront-cost assumptions. These are examples of how rate tables are presented, not current August 9 offers. See Bankrate’s mortgage-rate page and its 30-year rate table.
Mortgage News Daily’s inspected page showed a July 29, 2026 daily index of 6.78% for a 30-year fixed loan and 6.32% for a 15-year loan. That difference illustrates why a daily index should not be mixed into a weekly national-average table. See the Mortgage News Daily daily index for its current methodology and timestamp.
How to compare current APRs by loan type
There is no reliable national APR average that makes conventional, FHA, VA, USDA, jumbo, and ARM loans directly interchangeable. Compare each program using the same loan amount, property, down payment, term, lock period, and borrower assumptions.
| Loan type | Often fits | Costs and risks to include in the comparison |
|---|---|---|
| Conventional fixed-rate | Borrowers with stronger credit, stable income, and enough down payment to reduce or eliminate PMI | Rate adjustments for credit, LTV, occupancy, property type, and lender; PMI is typically required below 20% down, although alternatives exist |
| FHA | Borrowers with smaller down payments or credit profiles for whom conventional pricing is less favorable | Down payments can be as low as 3.5%, but FHA loans require mortgage insurance; compare upfront and ongoing insurance, not just the rate |
| VA | Eligible veterans, active-duty service members, and certain surviving spouses | Potentially no down payment and generally no PMI, but include the VA funding fee, exemptions, entitlement, residual-income underwriting, and lender fees |
| USDA | Eligible borrowers buying in qualifying rural areas and meeting household-income requirements | Potentially up to 100% financing, but property eligibility, income limits, and guarantee-fee costs apply |
| Jumbo | Borrowers whose loan exceeds the applicable conforming limit or does not fit conforming guidelines | Pricing can vary substantially with loan size, reserves, credit, property type, and lender |
| Adjustable-rate mortgage | Borrowers who understand payment risk and may sell, move, or refinance before or around the first adjustment | Initial fixed period, index, margin, adjustment schedule, initial/periodic/lifetime caps, floor, maximum payment, and refinance risk |
Conventional loans
“Conventional” is not one standardized rate. Pricing changes with credit score, loan-to-value ratio, occupancy, property type, loan purpose, loan amount, and lender. A 20% down payment can generally eliminate PMI, but using every available dollar for the down payment may leave too little for emergencies, repairs, or reserves. Review the CFPB’s PMI guidance and its down-payment guidance.
FHA loans
FHA loans are originated by private lenders and insured by the Federal Housing Administration; the FHA does not usually lend directly to consumers. The program can allow a down payment as low as 3.5%, but mortgage insurance can make the total cost higher than conventional financing for a borrower with strong credit and a medium-sized down payment. Compare the complete payment, upfront mortgage insurance, ongoing mortgage insurance, cash to close, and five-year cost. See the CFPB FHA guide and HUD’s FHA overview.
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VA loans
Eligible borrowers should compare VA and conventional financing even if the VA note rate is not visibly lower. A VA-backed loan can offer a no-down-payment option and generally does not require private mortgage insurance, but a funding fee may apply. Include the fee, any exemption, down payment, lender charges, seller-paid costs, entitlement, and cash to close. The VA provides information about eligibility and VA-backed loans and the home-buying process.
USDA loans
The USDA guaranteed program can provide up to 100% financing for eligible applicants, but both the household and property must qualify. Income limits, geographic eligibility, and guarantee-fee costs can change the result. Check the USDA Rural Development program matrix before comparing a USDA rate with a conventional quote.
Jumbo loans
For 2026, the baseline conforming limit for a one-unit property is $832,750 in most U.S. counties. The high-cost-area ceiling is $1,249,125, with separate statutory limits for Alaska, Hawaii, Guam, and the U.S. Virgin Islands. The applicable county limit—not just the national baseline—determines whether a loan is conforming. See the FHFA’s 2026 loan-limit release. Jumbo rates and APRs depend heavily on loan size, reserves, credit, property type, and lender.
Adjustable-rate mortgages
An ARM may start below a comparable fixed-rate loan, but its initial payment is not a reliable measure of long-term cost. After the initial fixed period, the new rate generally equals the loan’s index plus the lender-set margin, subject to caps. Compare the initial fixed period, adjustment frequency, index, margin, initial cap, periodic cap, lifetime cap, floor, prepayment penalty, and maximum possible payment. The CFPB’s ARM explanation describes how these adjustments work.
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The following example uses a $300,000 fully amortizing loan and standard principal-and-interest calculations. It excludes property taxes, homeowners insurance, HOA dues, mortgage insurance, points, lender fees, and closing costs.
| Loan | Rate | Term | Illustrative monthly principal and interest | Approximate scheduled interest |
|---|---|---|---|---|
| 30-year fixed | 6.69% | 360 months | $1,934 | Approximately $396,184 |
| 15-year fixed | 6.01% | 180 months | $2,533 | Approximately $155,974 |
The 15-year payment is about $599 more per month, but the loan would be paid off 15 years earlier and would reduce scheduled interest by approximately $240,210, before considering different closing costs, points, taxes, insurance, mortgage insurance, investment returns, or the value of payment flexibility.
These are illustrative principal-and-interest payments, not complete monthly mortgage payments. Use a calculator with editable fields for:
- Loan amount, purchase price, and down payment.
- Interest rate, APR, and term.
- Property taxes and homeowners insurance.
- Mortgage insurance or government-loan fees.
- HOA dues.
- Points and lender credits.
- Expected time in the home and expected time until refinancing or payoff.
A 0.25-percentage-point change also matters. On a new $300,000 30-year loan, moving from 6.69% to approximately 6.44% would reduce principal and interest by roughly $49 per month, before fees. The exact effect depends on the balance and remaining term; compare the payment savings with any extra points required to obtain the lower rate.
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Neither number should be viewed alone. The right comparison depends on whether your priority is upfront cash, monthly payment, short-term cost, long-term interest, or payment certainty.
| Measure | What it helps answer | Important limitation |
|---|---|---|
| Interest rate | What determines scheduled interest and principal-and-interest payment? | Does not show the effect of points and many finance charges |
| APR | How does the rate plus certain finance charges compare with a similar loan? | Not every ownership expense is included, and assumptions can make different loan structures difficult to compare |
| Cash to close | How much money must I bring to closing? | A lower amount may result from lender credits, a higher rate, or costs added to the loan |
| Full monthly payment | Can I afford the payment including taxes, insurance, and mortgage insurance? | Taxes, insurance, and HOA dues can change independently of the mortgage rate |
| Five-year cost | What will I pay in interest, fees, and mortgage insurance during a realistic holding period? | It is still an estimate and may not reflect a later sale, refinance, or rate adjustment |
| Total interest percentage | How much scheduled interest is expected over the loan’s life relative to the amount borrowed? | Long-term assumptions may be irrelevant if you sell or refinance early |
APR is particularly useful when comparing otherwise similar fixed-rate loans with the same term and similar costs. It is less decisive when comparing a 15-year loan with a 30-year loan, a fixed-rate mortgage with an ARM, a purchase loan with a refinance, or loans with materially different mortgage-insurance structures.
The CFPB specifically warns that an ARM’s APR does not reflect the loan’s maximum future interest rate. A lower ARM APR therefore does not eliminate the risk of a higher future payment.
Points, lender credits, and the break-even calculation
Discount points are prepaid interest paid at closing in exchange for a lower rate. Lender credits reduce the amount you pay upfront, usually in exchange for accepting a higher rate. A temporary buydown may reduce payments during the first years without permanently reducing the note rate; examine who funds it and what payment applies afterward.
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For a permanent rate reduction, use:
Break-even months = extra upfront cost ÷ monthly payment savings
For example, suppose the same lender offers:
| Option | Interest rate | Points or upfront cost | Monthly savings |
|---|---|---|---|
| A | 6.875% | No points | — |
| B | 6.625% | $4,000 in points | $60 versus Option A |
The approximate break-even is $4,000 ÷ $60 = 67 months, or about 5.6 years. Option B may be cheaper if you keep the loan beyond that point, but Option A may be better if you expect to sell or refinance sooner. Calculate the break-even using the actual quotes; lenders do not reduce rates by identical amounts for every point paid.
For a refinance, include the existing loan’s rate, remaining balance, remaining term, new term, closing costs, cash-out amount, and the cost of restarting amortization. A “no-closing-cost” refinance is not free: the cost is generally shifted into a higher rate, lender-credit structure, or larger loan balance.
How to compare three or more Loan Estimates
1. Request identical quotes
Give each lender the same information:
- Purchase, rate-and-term refinance, or cash-out refinance purpose.
- Property address or state, estimated value, and purchase price.
- Loan amount and down payment.
- Primary residence, second home, or investment occupancy.
- Single-family home, condo, manufactured home, or multifamily property type.
- Conventional, FHA, VA, USDA, jumbo, or ARM program.
- Loan term and preferred rate structure.
- Expected closing date and rate-lock period.
- Preference for zero points, points, or lender credits.
Do not compare a 5.75% advertisement requiring 25% down and one point with a 6.25% quote for 5% down and no points. Those are different transactions.
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2. Trigger the official Loan Estimate
A lender generally must provide a Loan Estimate within three business days after receiving these six items:
- Your name.
- Your income.
- Your Social Security number, so the lender can obtain a credit report.
- The property address.
- An estimate of the property’s value.
- The desired loan amount.
The lender cannot require additional information before issuing the Loan Estimate, although additional documentation can make the figures more accurate. See the CFPB’s Loan Estimate requirements.
3. Compare pages 1 through 3
Page 1 — Loan Terms: Compare the loan amount, interest rate, fixed or adjustable structure, rate-lock status and expiration, monthly principal and interest, prepayment penalty, and balloon-payment information.
Page 2 — Closing Costs: Compare origination charges, discount points, underwriting and processing fees, appraisal, credit report, title services, recording charges, prepaids, escrow, lender credits, and total cash to close.
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Page 3 — Comparisons: Compare APR, total interest percentage, mortgage-insurance assumptions, and the “In 5 years” figures. The CFPB recommends using the five-year comparison to evaluate the amount paid in interest and fees after subtracting principal reduction. Its Loan Estimate comparison guide provides a page-by-page method.
4. Calculate the cost that fits your time horizon
For a buyer likely to move or refinance within five years, compare:
Five-year borrowing cost = interest paid + loan costs + mortgage insurance and applicable fees − principal repaid
Also compare cash to close and the complete monthly payment. A lower APR based on holding the loan for its full term may not be the cheapest choice if you will repay it early.
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5. Negotiate
Ask lenders whether they can match a competing quote, reduce origination charges, remove points, increase lender credits, offer a zero-point alternative, provide a float-down, or reprice after a market improvement. Request the revised terms in writing. The CFPB recommends requesting multiple Loan Estimates and says shopping can potentially save borrowers hundreds to more than $1,000 per year, although savings are not guaranteed. See its guidance on requesting and reviewing multiple Loan Estimates.
Should you lock your mortgage rate?
A rate lock protects against market increases for a stated period, provided the loan closes on time and the transaction’s material terms do not change. A lock does not guarantee that the lender will preserve pricing after changes to the loan amount, credit profile, debt-to-income ratio, appraisal, property, or other terms.
Ask every lender:
- Is the quote floating or locked?
- How long does the lock last?
- What is the lock-expiration date and time zone?
- Is there a float-down if rates improve?
- What happens if underwriting or the appraisal delays closing?
- What does a lock extension cost?
- Can the loan be re-locked, and at what pricing?
- Will a change in loan amount, credit, appraisal, or property terms invalidate the lock?
Lock periods commonly run 30 to 60 days at some lenders, but this is lender-specific; U.S. Bank’s rate guidance describes lock-period and payment assumptions while warning that loan changes can affect the lock.
Do not make a lock decision based solely on a prediction that rates will fall. Consider the closing deadline, the cost of delaying, the possibility of losing the property or paying a higher price, whether a float-down is available, your cash reserves, and whether refinancing later would actually be affordable.
Why mortgage rates move—and why the Fed does not set them directly
The Federal Reserve influences financial markets, but it does not directly set the interest rate on a 30-year mortgage. On July 29, 2026, the Federal Reserve maintained the federal-funds target range at 3.50% to 3.75%. That is a short-term policy rate, whereas fixed mortgage rates are influenced more directly by long-term Treasury yields, mortgage-backed-securities pricing, inflation expectations, employment and economic data, investor risk, and the spread lenders require.
Consequently, mortgage rates can rise even when the Fed holds or lowers short-term rates if long-term yields or mortgage-backed-securities pricing move higher. The July 29 FOMC statement and the Federal Reserve’s July 2026 Monetary Policy Report provide the relevant policy and market context. Inflation releases, including the Bureau of Labor Statistics CPI data, are among the economic reports markets watch, but no single report reliably predicts your eventual mortgage quote.
Choosing the cheapest mortgage for your situation
- Strong credit and 20% down: Start with conventional fixed-rate quotes, then compare the cost of preserving cash against eliminating PMI.
- Small down payment or weaker credit: Compare conventional and FHA offers using mortgage insurance and five-year cost, not the advertised rate alone.
- VA eligibility: Compare VA and conventional offers after adding the funding fee, PMI savings, down payment, lender charges, entitlement, and cash to close.
- Eligible rural property and income: Compare USDA with conventional after including guarantee-fee costs and eligibility limits.
- Loan above the county conforming limit: Compare jumbo lenders using the same loan amount, reserves, property type, and credit assumptions.
- Likely move or refinance within a few years: Examine zero-point fixed loans, lender credits, and carefully structured ARMs using a five-year cost and maximum-payment stress test.
- Long-term certainty: Compare fixed-rate loans and choose a payment that leaves room for emergencies, retirement savings, and other financial goals.
A 15-year loan can minimize scheduled interest, but a 30-year loan may preserve flexibility. Making extra principal payments on a 30-year mortgage can provide some payoff flexibility, while a 15-year loan commits you to the higher required payment. The better choice depends on affordability, emergency savings, retirement contributions, investment alternatives, expected time in the home, and the value of liquidity.
Frequently Asked Questions
What are mortgage rates today?
As of August 9, 2026, the latest official Freddie Mac weekly benchmark, released August 6, was 6.69% for a 30-year fixed conventional conforming purchase loan and 6.01% for a 15-year fixed loan. These are weekly interest-rate averages, not universal APRs or guaranteed same-day quotes. Check the Freddie Mac PMMS page and obtain a lender-specific Loan Estimate for your actual pricing.
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There is no single APR that is good for every borrower. A useful APR comparison requires the same loan type, term, loan amount, down payment, property, occupancy, state, points, lender credits, and lock period. A lower APR can still be less suitable if it requires more cash upfront, includes a different mortgage-insurance structure, or assumes you will keep the loan longer than you expect.
Is 6.69% a good 30-year mortgage rate?
It is the latest Freddie Mac national benchmark rate as of August 6, 2026, but whether it is competitive for you depends on your credit, down payment, loan amount, property, location, loan program, points, and lock period. Freddie Mac’s figure is not an APR or a personal quote.
What is the difference between a mortgage rate and APR?
The mortgage rate is the note rate used to calculate scheduled interest. APR combines that rate with certain finance charges, including applicable points and lender or broker fees, to provide a broader comparison measure. The rate appears on page 1 of the Loan Estimate; APR appears on page 3. The CFPB explains the distinction.
Why is my APR higher than my interest rate?
APR is often higher because it includes certain finance charges that are not part of the note rate, such as points and lender or broker fees. The difference depends on the loan amount, term, fee structure, and APR assumptions. Compare the charges on page 2 of your Loan Estimate rather than judging the APR gap by itself.
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Are FHA or VA rates lower than conventional rates?
They can be, but the lowest note rate does not determine the cheapest loan. FHA requires mortgage insurance and can be more expensive than conventional financing for borrowers with strong credit and a medium-sized down payment. VA loans can offer no down payment and generally do not require PMI, but include the potential funding fee and eligibility requirements. Compare total payment, cash to close, fees, insurance, and five-year cost.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage usually carries a lower rate and much less scheduled interest but requires a substantially higher payment. In the benchmark illustration, a $300,000 loan would cost about $2,533 per month at 6.01% for 15 years versus about $1,934 at 6.69% for 30 years, excluding taxes, insurance, mortgage insurance, and fees. Choose the term that remains affordable while preserving emergency savings and other priorities.
Should I lock my mortgage rate today?
Locking can make sense when you have a closing deadline and need protection from higher rates. Floating can preserve the possibility of a lower rate but exposes you to increases. Ask about lock duration, float-downs, extension charges, re-lock rules, and changes that could invalidate the lock. Do not wait solely because you expect rates to fall; include the cost of delay and the risk to the purchase.
How many mortgage lenders should I compare?
Request comparable offers from at least three lenders. Give each the same loan purpose, amount, property, down payment, program, term, point preference, and lock period. Once you provide the six required items, the lender generally must issue a Loan Estimate within three business days. Use the estimates—not advertisements—to compare.
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Does checking mortgage rates hurt my credit?
A lender may need to pull your credit to produce a firm quote or Loan Estimate. Credit-scoring models commonly treat multiple mortgage inquiries made during a designated shopping period as a single inquiry, but the treatment and timing window vary by scoring model. Ask lenders whether an inquiry is required, and complete your rate shopping within a focused period rather than applying for unrelated credit at the same time.
What credit score gets the best mortgage rate?
There is no universal cutoff because lenders use pricing tiers and also evaluate debt-to-income ratio, loan-to-value ratio, reserves, loan type, property, and payment history. Higher scores generally receive better pricing, but the only reliable way to identify your tier is to request comparable quotes or Loan Estimates. The CFPB’s rate-comparison tool illustrates how credit score and other variables affect pricing.
How many points should I pay?
Pay points only when the monthly savings are likely to exceed the upfront cost before you sell, refinance, or otherwise repay the loan. Calculate extra cost divided by monthly savings. For example, $4,000 of points saving $60 per month breaks even in about 67 months, or 5.6 years. Use the lender’s actual quote and consider whether paying points would reduce your emergency reserves.
Can I negotiate mortgage rates?
Often you can ask a lender to match a competing offer, reduce origination charges, remove points, increase lender credits, provide a zero-point alternative, or offer a float-down. Present comparable written Loan Estimates and request any revised terms in writing. Negotiation is more meaningful when the offers use identical assumptions.
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How much does a 0.25% mortgage-rate change affect payment?
On a new $300,000 30-year loan, reducing the rate from 6.69% to approximately 6.44% would reduce principal and interest by roughly $49 per month. The exact savings depends on the balance and term. Compare the savings with any points or fees required to obtain the lower rate.
Should I refinance at today’s rates?
Compare your existing rate, remaining balance, remaining term, new loan term, closing costs, cash-out amount, and expected time in the home. Calculate the refinance break-even period and account for restarting amortization on a new 30-year loan. A lower payment can result from extending the term while increasing total interest, and a no-closing-cost refinance generally shifts costs into a higher rate or larger balance.
What happens if my rate lock expires?
You may have to pay a lock-extension fee, obtain a new lock at then-current pricing, or face a different closing date and rate. Ask about the policy before locking. Appraisal, title, underwriting, documentation, or borrower changes can also affect timing and pricing.
The Bottom Line
Bottom line: The latest official benchmark is 6.69% for a 30-year fixed mortgage and 6.01% for a 15-year fixed mortgage, based on Freddie Mac’s August 6, 2026 weekly survey. Neither figure is an APR or a guaranteed quote. The cheapest mortgage is the offer that best fits your holding period and financial capacity after comparing the note rate, APR, points, lender credits, mortgage insurance, cash to close, payment risk, and five-year cost on comparable Loan Estimates.
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