Every Thursday, Freddie Mac publishes its Primary Mortgage Market Survey® (PMMS) — the most widely cited snapshot of average mortgage rates in the country. Here’s this week’s data and what it means if you’re buying, selling, or refinancing in the Tri-Cities.
This week’s rates
Data sourced from Freddie Mac’s PMMS release for the week ending July 9, 2026:
| Loan Type | Rate | vs. Prior Week |
|---|---|---|
| 30-Year Fixed | 6.49% | +0.06 pts |
| 15-Year Fixed | 5.82% | +0.03 pts |
| 5/1 ARM | 5.98% | Up |
Source: Freddie Mac Primary Mortgage Market Survey®, week ending July 9, 2026. ARM rate reflects 5/1 hybrid adjustable-rate mortgage averages. Rates assume a credit score of 740, 20% down payment, and 0.7 discount points. Actual rates vary by borrower profile.
What happened this week
After last week’s welcome decline, rates ticked up slightly. The 30-year fixed rose to 6.49% from 6.43%, while the 15-year fixed moved to 5.82% from 5.79%. Freddie Mac Chief Economist Sam Khater noted that “mortgage rates have not changed much recently, but economic growth and housing affordability continue to improve for homebuyers as they shop for homes in today’s market.”
That’s the important context: while the week-over-week direction was up, the bigger picture shows rates hovering in a narrow band. The 30-year rate is the same as it was two weeks ago, and it’s still lower than a year ago, when it averaged 6.72%. We’re in a holding pattern — not the dramatic volatility we saw in 2023 or 2025, and that stability is valuable for anyone planning a move.
What does 6.49% actually mean for your payment?
Let me put real numbers to this. If you’re purchasing a $400,000 home in the Tri-Cities with 20% down ($80,000), your loan amount would be $320,000. Here’s what that looks like at today’s rates:
30-Year Fixed
~$2,021
per month (P&I)
15-Year Fixed
~$2,670
per month (P&I)
Interest Saved
~$247K
with 15-year vs. 30-year
Principal & interest only. Does not include taxes, insurance, or HOA.
Compared to last week’s 6.43%, that’s an increase of roughly $19 per month on a $320,000 loan — or about $6,840 over the full 30 years. That’s the math of a six-basis-point move. It’s not the kind of change that should derail your plans, but it’s a good reminder that every week you wait, the numbers can shift in either direction. The 15-year option costs more each month but saves roughly $247,000 in total interest over the life of the loan. For buyers who can comfortably afford the higher payment, it’s a powerful wealth-building tool. For everyone else, the 30-year fixed remains the most popular choice — and at 6.49%, it’s right in the middle of the range we’ve been in for months.
The outlook from Fannie Mae
Fannie Mae’s Economic and Strategic Research Group continues to project that mortgage rates will hold in the low-to-mid 6% range through the remainder of 2026, with a gradual drift toward the high 5% range into 2027. Their most recent forecast put the 30-year fixed at around 6.4% for full-year 2026, declining to approximately 5.9% by end of 2026.
Fannie Mae also notes that the “lock-in effect” — where homeowners with low-rate mortgages are reluctant to sell — continues to constrain existing-home inventory. That dynamic keeps supply tight and supports home values, even as rates remain elevated relative to 2020–2021 levels. In the Tri-Cities, this translates to steady demand and healthy price stability.
The bottom line from Fannie Mae: don’t expect rates to drop below 6% in the near term. The smart move is to work with the market you have — not the one you’re hoping for.
What this means for Tri-Cities buyers
This week’s slight uptick is a reminder that rates move in both directions — but the overall trend remains stable. You can still shop with confidence. The 30-year fixed at 6.49% is well below the peaks of late 2023 and mid-2025, and month-to-month fluctuations of this size are normal.
In the Tri-Cities, a $400K purchase in Kennewick, Richland, or Pasco still gets you a beautiful home — four bedrooms, a two-car garage, and a yard. Your monthly payment is meaningful, but it’s also building equity in one of the most stable markets in the Pacific Northwest. And with Fannie Mae projecting rates to gradually drift lower, locking in today’s rate could look like a smart move in a year or two.
What this means for sellers
Rates ticking up by six basis points won’t push buyers out of the market — the weekly movement is too small to change anyone’s payment in a meaningful way. What matters more is the overall environment: rates are predictable, inventory remains tight, and demand is steady. Well-priced homes in the Tri-Cities continue to attract attention quickly. If you’ve been thinking about selling, this stable rate environment is working in your favor.
The bottom line
Rates rose six basis points this week, returning to where they were two weeks ago. Year-over-year, they’re still lower. Fannie Mae sees rates holding steady and then gradually declining. The Tri-Cities market remains strong, predictable, and one of the best values in the Pacific Northwest.
Whether you’re buying your first home, moving up, or selling an investment property, the fundamentals are sound. And with rates in a stable holding pattern, this is a great time to have the conversation.
Now is the time to start the conversation — let’s chat!
Sources: Freddie Mac Primary Mortgage Market Survey®, week ending July 9, 2026. Fannie Mae Economic and Strategic Research Group forecast, July 2026. Sam Khater, Freddie Mac Chief Economist, July 9, 2026. 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.