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 latest release (August 13, 2026) brings us some welcome news after five weeks of steady increases. 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 13, 2026:

Source: Freddie Mac Primary Mortgage Market Survey®, week ending August 13, 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

After five consecutive weeks of increases, rates finally moved in the other direction. The 30-year fixed edged down two basis points to 6.67%, while the 15-year fixed dropped five basis points to 5.96%. It is a modest reversal, but a meaningful one after a full month of upward pressure that had pushed the 30-year from 6.43% to 6.69%.

Freddie Mac Chief Economist Sam Khater noted in the August 13 release: “Mortgage rates remained relatively stable this week at 6.67%, and housing affordability has improved from a year ago.” That stability is worth emphasizing — even with the up-and-down movement we have seen over the past month, rates have essentially stayed in a narrow range between 6.43% and 6.69% since late June. We are not seeing the kind of volatility that defined 2023 or mid-2025. Instead, the market is settling into a pattern: small moves, week to week, within a predictable band.

The five-basis-point drop on the 15-year fixed is the larger story this week. That product had climbed to 6.01% just last week, and this week’s move brings it back to the same level we saw in late July — 5.96%. For buyers considering a 15-year term, this week’s data is the most encouraging we have seen in over a month.

Compared to this time last year (when the 30-year fixed averaged 6.72%), today’s 6.67% is five basis points lower. That is not a dramatic improvement, but it means the year-over-year trend is still slightly in buyers’ favor, even if the path has been bumpy.

What does 6.67% 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 6.69%, that is a decrease of roughly $5 per month on a $320,000 loan — or about $1,800 saved over the full 30 years. More significantly, compared to five weeks ago when rates were at their recent low of 6.43%, today’s 6.67% is still 24 basis points higher — which adds about $58 per month in additional cost. That is a reminder that while this week’s dip is welcome, the overall trend over the past month and a half is still upward.

The 15-year fixed at 5.96% costs more each month (about $631 more than the 30-year) but saves approximately $257,000 in total interest over the life of the loan. For buyers with room in their monthly budget, that remains one of the most powerful wealth-building tools available in today’s market.

The outlook from Fannie Mae

Fannie Mae’s Economic and Strategic Research (ESR) Group published its most recent Housing Forecast in June 2026, and the outlook has not been updated since then — so this remains the most current published forecast from their team. The June forecast projects that 30-year fixed mortgage rates will average approximately 6.4% for the remainder of 2026, with rates holding relatively steady through the year. This represents an upward revision from their earlier March forecast, which had predicted rates could fall to 5.7% by year-end. The economic data — persistent consumer spending, sticky inflation readings, and a strong labor market — has kept rates higher than initially projected.

Looking further ahead, the ESR Group expects rates to remain in the 6.3% to 6.4% range through 2027, with a gradual easing path rather than a sharp decline. The message is consistent: meaningful rate relief is not imminent, but the direction of travel over the longer term is still toward slightly lower rates.

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. Their forecast calls for a moderate housing rebound over the next 12 to 18 months as rates eventually ease and more inventory reaches the market.

The key takeaway from Fannie Mae: this week’s dip is not the start of a sharp downward trend, but it is a reminder that rates do not go up forever. Planning for rates in the mid-to-high 6% range is prudent, with the potential to refinance if and when they ease into the 5% to 6% range down the road.

What this means for Tri-Cities buyers

After five weeks of increases, this week’s dip — however modest — is a psychological relief. Two basis points on the 30-year and five on the 15-year is not a market shift, but it is evidence that the upward trend has paused and rates can move in both directions. If you have been feeling the pressure of watching rates climb week after week, this week’s data is a reminder that the market is not a one-way street.

Here is what I want you to hear, especially if you are a first-time buyer who has been waiting for a better window: this week’s dip does not change the big picture. Rates are likely to stay in the mid-to-high 6% range for the foreseeable future, and waiting for a dramatic drop could mean missing out on the right home while continuing to pay rent. 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 6.67%, your monthly payment on a 30-year fixed is roughly $2,060 before taxes and insurance. That payment is building equity in one of the most resilient and affordable housing markets in Washington. And with Fannie Mae’s long-term outlook pointing toward gradual easing, locking in today and refinancing later remains a proven, smart strategy.

What this means for sellers

A two-basis-point decline on the 30-year is not enough to dramatically expand the buyer pool, but it does send a positive signal to buyers who may have been feeling discouraged by five straight weeks of increases. If you have been on the fence about listing, the slight easing in rates — combined with tight inventory and steady demand — creates a favorable window. Buyers who see rates stabilize or dip tend to feel more confident making an offer.

The Tri-Cities continues to attract relocating families from Seattle, Portland, and California who are seeking more space and better value. Inventory is still constrained, demand is consistent, and well-priced, well-presented homes in good condition are drawing qualified buyers. If you have been considering selling, this week’s data is a small but welcome tailwind. The strategic move is to list while buyer confidence is steady and rates are showing signs of stability rather than climbing further.

The bottom line

After five weeks of steady increases, rates finally reversed course this week. The 30-year fixed dipped two basis points to 6.67%, and the 15-year fixed dropped five basis points to 5.96%. Freddie Mac’s Chief Economist described the environment as “relatively stable” and noted that housing affordability has improved from a year ago. Year-over-year, the 30-year is five basis points lower than the 6.72% we saw this time last year.

This week’s data is a reminder that rates do not climb forever, and that small dips create real opportunities for prepared buyers. The overall trend since late June has been upward, but the pace has slowed and now paused. Homeownership is about building a future for your family — not timing a market 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 13, 2026. Sam Khater, Freddie Mac Chief Economist, August 13, 2026. Fannie Mae Economic and Strategic Research Group, June 2026 Housing Forecast. 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.