On September 4, 2025, Freddie Mac reported a national average mortgage rate of 6.50% for a 30-year fixed-rate loan and 5.60% for a 15-year fixed-rate loan. Both averages were lower than the previous week but higher than a year earlier. They are historical survey benchmarks—not personalized offers or guarantees of the rate a borrower could get.
Freddie Mac’s mortgage rates on September 4, 2025
| Freddie Mac weekly survey period | 30-year fixed | 15-year fixed |
|---|---|---|
| September 4, 2025 | 6.50% | 5.60% |
| Previous week | 6.56% | 5.69% |
| Year-earlier comparison | 6.35% | 5.47% |
Freddie Mac’s September 4 release reported the weekly rates and comparison figures; its PMMS archive independently lists 6.50% and 5.60% for that date.
How much did rates change?
Compared with the previous week, the 30-year average fell by 0.06 percentage points, while the 15-year average fell by 0.09 percentage points. Compared with a year earlier, the averages were higher by 0.15 and 0.13 percentage points, respectively. These differences are arithmetic comparisons of Freddie Mac’s published figures.
What Freddie Mac’s averages represent
The Primary Mortgage Market Survey (PMMS) is a weekly national survey based on rates collected from thousands of mortgage applications submitted through lenders’ Loan Product Advisor applications. Freddie Mac describes the national average as an average of selected purchase applications that meet its criteria. The September 4 release says its survey focuses on conventional, conforming, fully amortizing home-purchase loans for borrowers with excellent credit putting 20% down.
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The figure is not a snapshot of offers made on September 4 alone: Freddie Mac says it averages rates offered from Thursday through Wednesday and generally publishes on Thursday. An individual borrower’s rate can differ based on their circumstances and lender. The averages also do not include fees and points, so they do not show the full cost of a particular loan.
What was happening in the market that week?
In its September 4, 2025 analysis, Realtor.com Economic Research characterized the 30-year rate as an 11-month low. It noted that market participants were awaiting the next day’s employment report: a weaker report could increase expectations of Federal Reserve cuts and lower bond yields, while a stronger report could reinforce inflation concerns and lift yields, potentially putting upward pressure on mortgage rates. That was contemporaneous market analysis, not evidence that the employment report caused the weekly average already published on September 4.
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Freddie Mac’s refinancing comment
In the September 4 release, Freddie Mac Chief Economist Sam Khater said: “Mortgage rates continue to trend down, increasing optimism for new buyers and current owners alike. As rates continue to drop, the number of homeowners who have the opportunity to refinance is expanding. In fact, the share of market mortgage applications that were for a refinance reached nearly 47%, the highest since October.” The nearly 47% figure and the “highest since October” comparison are statements from that release, not current statistics; the quoted sentence does not specify the year for October.
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