It’s one of those days where “rates this week” headlines and “rates today” headlines are going to diverge.
Most “rates this week” headlines are focused on Freddie Mac’s weekly survey, which comes out on Thursdays. Yesterday, that survey’s average rate hit its highest point since July 2025 — 6.71%. Daily’s a different story, and it’s one where rates fell a bit.
The average interest rate on a 30-year, fixed-rate mortgage ticked down to 6.69% APR, according to rates provided to BW by Zillow. This is four basis points lower than yesterday but 16 basis points higher than a week ago. (See our chart below for more specifics.) A basis point is one one-hundredth of a percentage point.
That softening is thanks to a couple of Federal Reserve officials making public remarks that a rate hike may not be needed at the Fed’s meeting later this month. Their words were enough to drop the rate hike odds on the CME FedWatch — which had been topping 60% — to essentially a 50-50 shot.
So mortgage interest rates are a little lower today, but this may be just a blip, because, well, everything else. For more on what’s driving rates, keep reading below the chart.
P.S.: While the economy never sleeps, markets are closed on the weekends — and Labor Day! — and so are we. The rates you see Friday are unlikely to change much (if at all) until Tuesday.
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