Mortgage Rates Hit Lowest Level in Over Three Years

Washington, D.C., January 15, 2026 – Mortgage rates have dropped to their lowest level in more than three years, according to the latest Primary Mortgage Market Survey. The 30-year fixed-rate mortgage averages 6.06 percent, down from 6.16 percent last week, while the 15-year fixed-rate mortgage stands at 5.38 percent, a decrease from 5.46 percent. This decline follows announcements of government purchases of mortgage-backed securities, boosting housing activity and applications.

Weekly Mortgage Rate Averages

The Primary Mortgage Market Survey, based on applications submitted to Freddie Mac, shows a continued downward trend in mortgage rates. The 30-year fixed-rate mortgage averaged 6.06 percent as of January 15, 2026, compared to 7.04 percent a year ago. The 15-year fixed-rate mortgage averaged 5.38 percent, down from 6.27 percent last year. Purchase applications and refinance activity have increased, signaling improved housing market conditions.

Key Facts and Statistics

Frequently Asked Questions

What data is used for the Primary Mortgage Market Survey?

The Primary Mortgage Market Survey results are based on data from Freddie Mac’s Loan Product Advisor, collecting mortgage rates from thousands of loan applications submitted to Freddie Mac through lenders across the country when a borrower applies for a mortgage.

How is the national average determined?

Freddie Mac collects the mortgage rate of all purchase applications based on survey criteria, including conventional, single-family originations with conforming loan limits set by the Federal Housing Finance Agency. A national average mortgage rate is calculated from all selected loan applications.

What type of lenders are included in the survey?

The survey includes a mix of credit unions, commercial banks, and mortgage lending companies, roughly proportional to their share of mortgage business nationwide.