Mortgage Rates Remain Below Last Year as More Buyers Enter the Market

Freddie Mac released its latest Primary Mortgage Market Survey® (PMMS®) today, showing the 30-year fixed-rate mortgage (FRM) averaged 6.09% as of January 22, 2026. While rates increased slightly from last week, they remain nearly a full percentage point lower than this time last year—bringing renewed optimism to today's housing market.

"With the economy improving and the average 30-year fixed-rate mortgage nearly a percentage point lower than last year, more homebuyers are entering the market," said Sam Khater, Freddie Mac's Chief Economist. He also encouraged buyers to compare multiple lenders, noting that shopping around can potentially save thousands over the life of a loan.

This Week's Mortgage Rate Highlights

• 30-Year Fixed-Rate Mortgage:
  Averaged 6.09%, up slightly from 6.06% last week. One year ago, the rate was 6.96%.

• 15-Year Fixed-Rate Mortgage:
  Averaged 5.44%, up from 5.38% last week. This compares to 6.16% one year ago.

While rates have edged up week over week, the significant year-over-year decline is helping improve affordability and motivating buyers who previously stayed on the sidelines.

Why Shopping Rates Matters

Even small differences in mortgage rates can have a big impact on monthly payments and long-term interest costs. Freddie Mac recommends that buyers obtain multiple quotes to secure the most competitive rate possible.

About the PMMS®

The PMMS® tracks conventional, conforming, fully amortizing home purchase loans for borrowers with 20% down payments and excellent credit, providing a reliable snapshot of national mortgage trends.

Freddie Mac's mission is to make home possible by supporting liquidity, stability, and affordability in the housing market. Since 1970, the organization has helped millions of families buy, rent, or remain in their homes.