The housing market faces dual pressure as fewer Americans apply for mortgages while lenders reduce loan programs and increase documentation requirements.

Freddie Mac’s latest Primary Mortgage Market Survey (PMMS) shows the average 30-year fixed-rate mortgage (FRM) fell to 6.15% this week.  “After sta

The average long-term mortgage rate rose to 6.16%, mortgage buyer Freddie Mac said Thursday. That’s up slightly from 6.15% last week, when the average rate dropped to its lowest level since October 3, 2024. One year ago, the rate averaged 6.93%.

TL;DR: Rates remain in the same 6% range that they've occupied for weeks. Some or all of the mortgage lenders featured on our site are advertising partners of NerdWallet, but this does not influence our evaluations,

The Mortgage Bankers Association is more optimistic about the U.S. economy — and pessimistic about mortgage rates. While some housing economists do expect 30-year mortgage rates to dip below 6% in 2026, the trade group sees a growing economy and stubborn inflation, and therefore expects mortgage rates to hold at 6.4% for the entire year.

Mortgage rates are the interest rates charged by the mortgage holder, typically a bank, to the borrower, typically a homeowner. Mortgage rates have a significant impact on home prices, monthly mortgage payments, and the health of the overall housing market.

As of January 2, 2026, the average mortgage interest rate on a 30-year fixed mortgage is 5.99%, while the average rate on a 15-year fixed mortgage is 5.38%, according to Zillow's data. Both averages continue to hold below the 6% mark, a threshold that, not long ago, seemed out of reach given the elevated rate environment of recent years.