Freddie Mac 30 year fixed rate & Commentary (Weekly)

Freddie Mac 30 year fixed rate & Commentary (Weekly)
Freddie Mac Rates and Commentary posted every Thursday
September 28, 2023 30-FRM 7.31 0.12 higher than last week

The 30-year fixed-rate mortgage has hit the highest level since the year 2000. However, unlike the turn of the millennium, house prices today are rising alongside mortgage rates, primarily due to low inventory. These headwinds are causing both buyers and sellers to hold out for better circumstances.

September 21, 2023 30-Yr FRM 7.19% 0.01 higher than last week

Mortgage rates continue to linger above seven percent as the Federal Reserve paused their interest rate hikes. Given these high rates, housing demand is cooling off and now homebuilders are feeling the effect. Builder sentiment declined for the first time in several months and construction levels have dipped to a three-year low, which could have an impact on the already low housing supply.

September 14,2023 30-Yr FRM 7.18% 0.06 higher than last week

Mortgage rates inched back up this week and remain anchored north of seven percent. The reacceleration of inflation and strength in the economy is keeping mortgage rates elevated. However, potential homebuyers can still benefit during these times of high mortgage rates by shopping around for the best rate quote. Freddie Mac research suggests homebuyers can potentially save $600-$1,200 annually by applying for mortgages from multiple lenders.


September 7, 2023 30-Yr FRM 7.12% 0.06% lower than last week

For the fourth consecutive week, the 30-year fixed-rate mortgage hovered above seven percent. The economy remains buoyant, which is encouraging for consumers. Though while inflation has decelerated, firmer economic data have put upward pressure on mortgage rates which, in the face of affordability challenges, are straining potential homebuyers.


August 31,2023 30-Yr FRM 7.18% 0.5 lower than last week

Mortgage rates leveled off this week but remain elevated. Despite continued high rates, low inventory is keeping house prices steady. Recent volatility makes it difficult to forecast where rates will go next, but it might be easier to gauge as the Federal Reserve determines their next steps regarding interest rate hikes in September.

August 24, 2023 30-Yr FRM 7.23 0.14 higher than last week (Highest since 2001)

This week, the 30-year fixed-rate mortgage reached its highest level since 2001 and indications of ongoing economic strength will likely continue to keep upward pressure on rates in the short-term. As rates remain high and supply of unsold homes woefully low, incoming data shows that existing homes sales continue to fall. However, there are slightly more new homes available, and sales of these new homes continue to rise, helping provide modest relief to the unyielding housing inventory predicament.

August 17, 2023 30-Yr FRM 7.09% 0.13 higher than last week (Highest in over 20 years)

The economy continues to do better than expected and the 10-year Treasury yield has moved up, causing mortgage rates to climb. The last time the 30-year fixed-rate mortgage exceeded seven percent was last November. Demand has been impacted by affordability headwinds, but low inventory remains the root cause of stalling home sales.

August 10, 2023 30-YR FRM 6.96% 0.06% higher than last week

For the third straight week, mortgage rates continued creeping up and are now just shy of seven percent. There is no doubt continued high rates will prolong affordability challenges longer than expected, particularly with home prices on the rise again. However, upward pressure on rates is the product of a resilient economy with low unemployment and strong wage growth, which historically has kept purchase demand solid.

August 3, 2023 30-Yr FRM 6.90% 0.09% higher than last week

Freddie Mac Commentary: “The combination of upbeat economic data and the U.S. government credit rating downgrade caused mortgage rates to rise this week,” said Sam Khater, Freddie Mac’s Chief Economist. “Despite higher rates and lower purchase demand, home prices have increased due to very low unsold inventory.”

July 27th, 2023 30-Yr FRM 6.81%


Mortgage rates inched up slightly after a significant decline last week. Higher interest rates continue to dampen activity in interest rate-sensitive sectors, such as housing. However, overall U.S. consumer confidence is unwavering, surging to a two-year high in the Conference Board’s Consumer Confidence Index for July 2023. Rising consumer confidence often leads to greater spending, which could drive more consumers into the housing market.


July 20th, 2023 6.81% July 13th, 2023 6.96% July 6th, 2023 6.81% June 29, 2023 6.71% June 15, 2023 6.69% June 8, 2023 6.71 June 1,2023 6.79% May 25, 2023 6.57% May 18, 2023 6.39% May 11, 2023 6.35% May 4, 2023 6.39% April 27, 2023 6.43% April 20, 2023 6.39% April 13, 2023 6.27%
History of the Freddie Mac 30 YR Fixed Rate Mortgage Survey

October 21, 1981 18.39%  (All Time High)

December 24, 2020 2.66% (All Time Low)

August 24th, 2023 7.23 (Highest since 2001)

January 5th, 2023  6.48% (1st report of 2023)

November 10th, 2022 7.08 (Highest in the last 12 months)

February 2nd, 2023 6.09% (Lowest of 2023) Right before the Jobs report unexpectedly showed 517,000 new jobs were created in January of 2023. Then the rate started trending higher. 

July 6, 2023 the survey said 6.81% (Highest of 2023)

For more information contact:

John Marbury - 205-266-5669 NMLS# 740833

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Opinions, estimates, forecasts, and other views contained in this document are those of Freddie Mac’s economists and other researchers, do not necessarily represent the views of Freddie Mac or its management, and should not be construed as indicating Freddie Mac’s business prospects or expected results. Although the authors attempt to provide reliable, useful information, they do not guarantee that the information or other content in this document is accurate, current or suitable for any particular purpose. All content is subject to change without notice. All content is provided on an “as is” basis, with no warranties of any kind whatsoever. Information from this document may be used with proper attribution. Alteration of this document or its content is strictly prohibited. ©2023 by Freddie Mac.


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