What this measures
The rate follows long-term Treasury yields plus a spread that widens when markets are nervous. Each percentage point adds roughly 10% to 13% to the monthly principal-and-interest payment on the same loan.
Most existing borrowers have fixed rates, so a change today mostly affects people buying or refinancing. That is why high rates can freeze the housing market: owners with low rates stay put.
Source: Freddie Mac PMMS via FRED (MORTGAGE30US). Updated automatically when the source publishes. How we handle data · Embed this chart