Weekly mortgage rate update

Every Thursday, Freddie Mac publishes its Primary Mortgage Market Survey® (PMMS) — the most widely cited snapshot of average mortgage rates in the country. The most recent release (August 6, 2026) gives us our first look at August rates. Here is the data and what it means if you are buying, selling, or refinancing in the Tri-Cities.

This week’s rates

Data sourced from Freddie Mac’s PMMS release for the week ending August 6, 2026:

Source: Freddie Mac Primary Mortgage Market Survey®, week ending August 6, 2026. Rates assume a credit score of 740, 20% down payment, and 0.7 discount points. Actual rates vary by borrower profile. Note: Freddie Mac discontinued reporting the 5/1 hybrid ARM rate in late 2022 as part of a survey modernization.

What happened this week

This week brought a mixed picture. The 30-year fixed edged up three basis points to 6.69%, while the 15-year fixed actually ticked down three basis points to 6.01%. That divergence is unusual — typically these two products move in the same direction — and it reflects some cross-currents in the bond market this week.

The 30-year fixed at 6.69% marks the fifth consecutive week of increases for that product, though the pace has slowed significantly. After the eight-basis-point jump we saw in late July, this week’s three-basis-point move is more modest. The 15-year fixed moving in the opposite direction is a reminder that rates do not move in a straight line, and that short-term trends can shift quickly.

Freddie Mac Chief Economist Sam Khater noted in the release: “Mortgage rates ticked up a bit but remain in the mid-6% range where they have hovered for much of the summer. The economy continues to show resilience and supply is gradually improving, which bodes well for the housing market’s trajectory heading into the fall.”

Compared to this time last year (when the 30-year fixed averaged 6.72%), today’s rate is actually three basis points lower. That is a reminder that while the recent upward trend feels uncomfortable, we are not in uncharted territory — and the market is broadly in line with what economists expected heading into 2026.

What does 6.69% actually mean for your payment?

Let me put real numbers to this. If you are purchasing a $400,000 home in the Tri-Cities with 20% down ($80,000), your loan amount would be $320,000. Here is what that looks like at today’s rates:

Compared to last week’s 6.66%, that is an increase of roughly $8 per month on a $320,000 loan — or about $2,880 over the full 30 years. Compared to five weeks ago when rates were at 6.43%, the monthly difference is about $63 per month. That adds up to nearly $22,700 in additional interest over the life of the loan. It is not a dramatic shift from week to week, but the cumulative effect of this five-week upward trend is real.

The 15-year fixed at 6.01% — which actually dropped slightly this week — costs more each month (about $635 more) but saves approximately $250,000 in total interest over the life of the loan compared to the 30-year. For buyers with room in their monthly budget, that remains one of the most powerful wealth-building tools available.

The outlook from Fannie Mae

Fannie Mae’s Economic and Strategic Research (ESR) Group published its most recent Housing Outlook in late 2025, with projections updated through the remainder of 2026. Their forecast sees the 30-year fixed mortgage rate averaging in the 6.3% to 6.4% range through the end of 2026, with the potential to ease toward approximately 5.9% by year-end — though the pace of that decline depends heavily on inflation data and the Federal Reserve’s policy path.

Since that forecast was issued, rates have drifted slightly above Fannie Mae’s projected range — a function of stronger-than-expected economic data and sticky inflation readings. But the direction of travel remains the same: Fannie Mae’s economists expect gradual easing over the next 12 to 18 months, not a sharp drop.

Fannie Mae continues to highlight the “lock-in effect” — homeowners with sub-4% pandemic-era mortgages who are reluctant to sell — as a key headwind for inventory. In the Tri-Cities, steady in-migration from higher-cost West Coast markets continues to meet constrained supply, which supports home values even as rates drift higher. The forecast calls for a moderate housing rebound through 2027 as rates eventually ease and more inventory reaches the market.

The key takeaway from Fannie Mae: rates are unlikely to drop sharply anytime soon, but the long-term trend is toward gradual improvement. For buyers, that means locking in today and refinancing when rates come down remains a smart, proven strategy. For sellers, it means the current market still favors those who list thoughtfully — but the window of maximum buyer purchasing power may narrow if rates continue their upward drift.

What this means for Tri-Cities buyers

Five consecutive weeks of rate increases sounds alarming, but the pace has slowed. This week’s three-basis-point move on the 30-year is half the jump we saw in late July. And the 15-year fixed actually declined — a reminder that rate movements are not a one-way street.

Here is what I want you to hear, especially if you are a first-time buyer feeling the pressure: you do not need to predict where rates are going. You just need to find the right home at a payment you can manage. In the Tri-Cities, a $400,000 home in Kennewick, Richland, Pasco, or West Richland still delivers outstanding value — four bedrooms, a two-car garage, and a yard. At 6.69%, your monthly payment on a 30-year fixed is roughly $2,065 before taxes and insurance. That is a meaningful payment, but it is building equity in one of the most resilient and affordable housing markets in Washington. And with Fannie Mae projecting rates to ease over time, locking in today and refinancing later is a proven path forward.

If you have been waiting for rates to come down, here is the honest truth: waiting has cost money. Since late June, the monthly payment on that $400,000 home has gone up by about $63. That is nearly $760 per year in additional housing cost. It is not a crisis, but it is a concrete, accumulating expense. The best time to buy has never been about hitting the absolute bottom — it is about being ready, finding the right home, and building equity over time.

What this means for sellers

Three basis points on the 30-year is not enough to push serious buyers out of the market. But five consecutive weeks of upward movement (even if the pace is slowing) starts to affect buyer psychology. The 6.69% threshold is notable — but honestly, the market has been in the mid-to-high 6% range for months, and buyers have adjusted.

What matters more is the seasonal shift. We are entering late summer, and families who want to be settled before the school year have largely made their moves. The fall market typically brings more serious, motivated buyers — people who need to buy rather than want to buy. And those buyers are less sensitive to small rate fluctuations.

The Tri-Cities continues to attract relocating families from Seattle, Portland, and California who are seeking more space and better value. If you have been considering selling, the current rate environment still favors sellers. Inventory is tight, demand is steady, and well-priced, well-presented homes are still drawing traffic. The strategic move is to list while buyer purchasing power is at this level — not to wait and see if rates climb further.

The bottom line

Rates continue their slow upward trend, but the pace is moderating. The 30-year fixed sits at 6.69% (up three basis points), while the 15-year fixed actually fell slightly to 6.01% (down three basis points). Year-over-year, rates are still lower than the 6.72% we saw this time last year, and Fannie Mae’s long-term outlook still points toward gradual easing late in 2026 and into 2027.

The five-week upward trend is worth paying attention to, but it is not a reason to make a panicked decision. Homeownership is about building a future for your family, not timing an interest rate bottom. If you are ready to buy, sell, or simply explore your options, I would love to sit down with you and map out what is possible — in this market, at these rates, for your specific situation.

Sources: Freddie Mac Primary Mortgage Market Survey®, week ending August 6, 2026. Sam Khater, Freddie Mac Chief Economist, August 6, 2026. Fannie Mae Economic and Strategic Research Group, December 2025 Housing Outlook. Monthly payment estimates calculated with standard amortization formulas — actual payments vary by loan terms, credit score, taxes, insurance, and other factors. This is not financial advice. Consult a licensed lender for personalized rate quotes.