The 30-year fixed-rate mortgage (FRM) experienced a slight decrease this week, according to the latest results from Freddie Mac’s Primary Mortgage Market Survey (PMMS). The average rate for the 30-year FRM stood at 6.65% as of August 20, marking a dip from last week’s 6.67%. This decrease, though modest, signals a shift in the housing market, providing a brief respite for homebuyers who have been handling higher interest rates for some time.
Freddie Mac’s Findings
Commenting on the decrease, Sam Khater, Freddie Mac’s Chief Economist, noted, “The 30-year fixed-rate mortgage declined this week, averaging 6.65%. With a dip in rates providing modest relief for homebuyers, it’s important to remember borrowers can potentially save thousands by shopping around for the best mortgage rate.” The 0.02% decrease in the 30-year FRM might seem insignificant, but over the lifetime of a mortgage, even a slight reduction can lead to substantial savings for homeowners.
Other rates also saw a slight decrease. The 15-year FRM, which is popular among homeowners looking to pay off their mortgages more quickly, averaged 5.95%, down from 5.96% the previous week. This decrease, while minimal, indicates a broader trend of declining rates across the mortgage spectrum.
On a year-over-year basis, the 30-year FRM was 0.07% higher than the same time last year, averaging 6.58% in 2025. Meanwhile, the 15-year FRM was 0.26% higher, with an average rate of 5.69% in 2025. These increases show the ongoing trend of rising mortgage rates, despite the recent decreases.
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About Freddie Mac’s PMMS
Freddie Mac’s PMMS focuses on conventional, conforming, fully amortizing home purchase loans for borrowers with excellent credit and a 20% down payment. The survey, which has been conducted weekly since 1971, does not include fees, points, or any other closing costs. This allows for a clear comparison of interest rates across different periods and market conditions.
Freddie Mac, chartered by Congress in 1970, aims to maintain stability and affordability in the U.S. housing market. It operates in the secondary mortgage market, purchasing single-family and multifamily residential mortgage loans from lenders. With the money it receives from these purchases, Freddie Mac can provide liquidity to lenders, enabling them to make more mortgage loans to qualified borrowers. This process helps to ensure a reliable and affordable supply of mortgage funds across the country, supporting the housing market throughout all economic cycles.
Since its inception, Freddie Mac has helped tens of millions of families buy, rent, or keep their homes. By promoting liquidity, stability, and affordability in the housing market, Freddie Mac plays a key role in making homeownership a reality for families across the nation.
To learn more about Freddie Mac’s mission and its impact on the housing market, visit its official website.