The average 30-year fixed mortgage rate moved to 6.71% on September 3, according to Freddie Mac's Primary Mortgage Market Survey. The increase from 6.66% a week earlier is small, but an old preapproval can still misstate today's payment, credits and cash to close.
What the survey actually measures
Freddie Mac builds the average from thousands of qualifying purchase-loan applications submitted by lenders. The weekly result is a market temperature for conventional conforming loans, not a rate guaranteed to every borrower or property.
Compare a complete offer
Ask each lender for the same loan amount, term and down payment on the same day. Put the note rate beside APR, points, lender credits, mortgage insurance, estimated cash to close and the lock period. A lower advertised rate can require more cash upfront.
Keep ownership costs outside the rate box
Principal and interest are only part of the payment. Property tax, homeowners insurance, flood or wind coverage, HOA charges, utilities and maintenance can change independently. A rate that fits does not prove the complete home fits.
HomeCostGrid action
Replace the rate in your calculation with a written current quote, then test it another quarter-point higher. Keep the emergency reserve separate from closing funds. If the plan works only after a hoped-for refinance, lower the price, increase verified cash or extend the timeline.
What this average cannot tell you
Credit, occupancy, property type, loan size, lender pricing, points and timing all affect an actual offer. Freddie Mac's average is not lending advice or an approval and should not replace the Loan Estimate.
