The trend over time.
What 30-Year Mortgage Rate measures.
The average interest rate on a 30-year fixed-rate mortgage, from Freddie Mac's weekly Primary Mortgage Market Survey of lenders. It is the rate offered to borrowers with strong credit and a sizable down payment, not the rate every buyer gets.
Each point of change moves the monthly payment on a new loan noticeably, so the rate shapes affordability and refinancing activity faster than home prices do. It tends to follow the 10-year Treasury yield more closely than it follows the Fed's policy rate.
Why it matters.
This rate directly determines your monthly mortgage payment on a home loan, so even small shifts meaningfully affect affordability and your long-term housing costs. Higher rates make borrowing more expensive, influencing whether now is a good time to buy or refinance.