Mortgage Rates Drop to 6.23% for 30-Year Fixed Loans

As of April 23, 2026, the average rate for a 30-year fixed-rate mortgage declined to 6.23%, according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®). This marks the third consecutive week of decreases and represents the lowest level observed in the last three spring homebuying seasons.

The 15-year fixed-rate mortgage likewise decreased, averaging 5.58% for the week ending April 23, 2026, down from 5.65% the prior week. Both rates are based on data collected from thousands of loan applications submitted to Freddie Mac through its Loan Product Advisor® system from lenders nationwide.

Freddie Mac reports that the improvement in mortgage rates, combined with increased purchase applications and refinance activity, along with rising pending home sales, indicates growing momentum in the housing market. The survey results are released weekly on Thursdays at 12 p.m. ET and reflect rates offered from the prior Thursday through Wednesday.

Historical Context

Compared to one year ago, the 30-year fixed-rate mortgage has decreased significantly from an average of 6.81% in April 2025. Similarly, the 15-year fixed-rate mortgage has fallen from 5.94% over the same period.

The PMMS® has been tracking U.S. Weekly mortgage rate averages since 1971, providing a long-term view of trends in home financing costs.

What This Means for Borrowers

Lower mortgage rates reduce monthly borrowing costs for homebuyers and can make refinancing existing mortgages more attractive. A 30-year fixed-rate mortgage at 6.23% offers predictable payments over the life of the loan, whereas the 15-year option at 5.58% allows borrowers to pay off their homes faster with less total interest, albeit with higher monthly payments.

Prospective buyers and homeowners considering refinancing should consult with lenders to obtain personalized rate quotes, as individual rates vary based on credit score, loan-to-value ratio, and other factors.

About the Data

The Primary Mortgage Market Survey® (PMMS®) is conducted by Freddie Mac and relies on actual loan application data from lenders across the country. It is not based on posted rates or advertisements but on rates locked in by borrowers during the application process.

For historical data and weekly updates, visit Freddie Mac’s PMMS® page.