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 2, 2026:
| Loan Type | Rate | vs. Prior Week |
|---|---|---|
| 30-Year Fixed | 6.43% | −0.06 pts |
| 15-Year Fixed | 5.79% | −0.05 pts |
| 5/1 ARM | 6.27% | Down |
Source: Freddie Mac Primary Mortgage Market Survey®, week ending July 2, 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
Good news this week — rates moved lower. The 30-year fixed dropped to 6.43%, down from 6.49% last week, while the 15-year fixed fell to 5.79% from 5.84%. Freddie Mac noted that rates “declined” following recent bond market movement, giving buyers a modest but welcome break.
This is the kind of downward nudge that matters when you’re talking about hundreds of thousands of dollars over the life of a loan. It’s not a dramatic drop, but it’s a step in the right direction — and it reinforces the trend we’ve been watching: rates settling into a narrower, more predictable range after the volatility of prior years.
What does 6.43% 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
~$2,008
per month (P&I)
15-Year Fixed
~$2,664
per month (P&I)
Interest Saved
~$243K
with 15-year vs. 30-year
Principal & interest only. Does not include taxes, insurance, or HOA.
Compared to last week’s 6.49%, that’s a savings of roughly $19 per month on a $320,000 loan — or about $6,840 over the full 30 years. Small changes add up. The 15-year option costs more each month but saves roughly $243,000 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 6.43%, it’s heading in the right direction.
The outlook from Fannie Mae
Fannie Mae’s latest economic forecast projects the 30-year fixed rate to average around 6.4% through the remainder of 2026, with a gradual drift toward 6.3% in 2027. Their Economic and Strategic Research Group notes that rates are unlikely to dip below 6% in the near term, as inflation remains above the Fed’s 2% target. In other words, the “new normal” for mortgage rates is a stable plateau in the low-to-mid 6% range.
What does that mean practically? Waiting for a perfect rate could mean waiting a long time. Meanwhile, home values in the Tri-Cities continue to appreciate, and the homes you can buy today may cost more tomorrow. The best move is often to work with the market you have — not the one you’re hoping for.
What this means for Tri-Cities buyers
If you’re a first-time buyer or looking to move up, this week’s rate drop is a positive signal. Lower rates mean lower monthly payments — and in a market like Kennewick, Richland, or Pasco, where a $400K purchase still gets you a beautiful four-bedroom with a garage and a yard, every dollar matters.
The stability we’ve seen over the past several weeks also means you can shop with confidence. You’re not racing against wild rate swings. You have time to find the right home, compare loan options, and make a decision that works for your family.
What this means for sellers
When rates drop, more buyers enter the market — or feel confident enough to make an offer. This week’s decline should bring a few more buyers off the sidelines, which is welcome news if you’re listing a home in the Tri-Cities. Inventory remains relatively tight, demand is steady, and well-priced homes continue to attract attention quickly. If you’ve been thinking about selling, the current environment is favorable.
The bottom line
Rates fell six basis points this week — a meaningful move in the right direction. The 30-year fixed at 6.43% is lower than it was a month ago, Fannie Mae sees rates holding steady in the mid-6% range, and the Tri-Cities market remains one of the most stable in the Pacific Northwest.
Whether you’re buying your first home or selling an investment property, the fundamentals are sound. And with rates ticking down, this week 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 2, 2026. Fannie Mae Economic and Strategic Research Group forecast, June 2026. ARM rate data from Bankrate, July 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.