Mortgage Rates for August 13, 2026: What a Small Drop Saves

Mortgage rates edged lower in Freddie Mac’s August 13, 2026 release: the 30-year fixed average was 6.67%, down from 6.69% a week earlier. That two-basis-point decline would reduce monthly principal and interest by about $5.30 on a hypothetical $400,000 loan over 30 years. A borrower’s own quote may move differently because of timing, upfront costs or loan details.

The weekly decline in context

Both fixed-rate benchmarks fell from the previous week’s levels, according to Freddie Mac’s August 13 Primary Mortgage Market Survey (PMMS) release:

One basis point is 0.01 percentage point, so the 30-year decline was 0.02 percentage point.

The release covers application activity from August 6 through August 12, according to Freddie Mac’s publication calendar. That weekly window cannot establish how lenders priced loans at a particular hour on release day. Our weekly mortgage-rate reports track the benchmark over time.

What two basis points change on a $400,000 loan

For this hypothetical comparison, assume a $500,000 purchase with $100,000 down, leaving a $400,000 mortgage. Both loans fully amortize over 30 years, with 360 monthly payments. Hold the balance and term fixed, assume identical upfront costs, and change only the interest rate.

These are our calculations using the published benchmark rates, not lender offers. Using the unrounded monthly payments, the difference totals about $63.63 over twelve payments. At these rates and this term, the monthly reduction is approximately $1.33 per $100,000 borrowed.

To reproduce the calculation, use M = P × r / [1 − (1 + r)^(-n)], where M is monthly principal and interest, P = 400,000, n = 360, and r is the annual rate expressed as a decimal divided by 12: first 0.0669 / 12, then 0.0667 / 12. Round the resulting payments to cents.

The calculation excludes property taxes, homeowners insurance, mortgage insurance and association dues. The CFPB’s Loan Estimate explainer distinguishes principal and interest from the fuller monthly payment. The $5.30 reduction therefore changes only the financing component of a buyer’s budget.

Use the mortgage payment calculator to repeat the comparison at another balance, keeping the term and other inputs unchanged.

Who PMMS represents

The payment calculation isolates the rate change. Applying that benchmark to a borrower also requires knowing which loans it represents.

Freddie Mac describes its benchmark as conventional, conforming purchase mortgages that fully repay over their terms, for borrowers with 20% down and excellent credit. Its detailed methodology specifies owner-occupied, one-unit properties, loan-to-value ratios of 75%–80% and FICO scores of at least 740. The geographic filter covers the contiguous states and Washington, D.C.

Rates come from applications submitted through Freddie Mac’s Loan Product Advisor system. They are measured during the application process and do not establish the rate ultimately received at closing. FHA, VA, jumbo, investment-property and refinance loans fall outside that scope; borrowers using those products need comparisons within their respective markets.

Freddie Mac also does not publish average points and fees, because lenders do not consistently supply them. The average does not establish that a borrower can obtain the same rate with zero points. Our mortgage pricing and benchmarks coverage examines these distinctions.

Why a same-day mortgage quote can differ

Timing and locks. A lender’s offer reflects conditions when it is priced. Mortgage rates can change daily or hourly, while a lock generally preserves an agreed rate through a specified deadline if the application stays unchanged. A falling benchmark does not automatically improve an existing lock. Confirm the expiration date and the lender’s policy on subsequent declines, as the CFPB’s rate-lock guidance recommends.

Points and credits. Discount points exchange more cash at closing for a lower rate; rate-related lender credits reverse that trade-off. One point equals 1% of the loan amount, so half a point on this hypothetical $400,000 loan costs $2,000. It buys no standard rate reduction: the exchange varies by lender, loan and market. The CFPB explains this trade-off. PMMS cannot tell a borrower whether a lower advertised rate justifies its upfront cost.

Borrower details. Changes in the loan amount, credit score or down payment can affect pricing, including after a lock when the application changes, as the CFPB explains. Confirm those details with the lender before attributing a quote’s movement to the weekly benchmark.

Compare offers with the costs visible

For agents and originators, the useful follow-up is a comparison of actual Loan Estimates. Request pricing at the same time for the same balance, product, term, down payment and lock period, with matching points or credits.

Use the Loan Estimate framework to compare principal and interest, total monthly payment, origination charges and cash to close. Check points on page 2 in Section A and lender credits in Section J.

For a borrower considering points, ask the loan officer to compare total costs over several plausible periods of keeping the loan. Use those comparisons to judge whether the monthly savings justify the additional cash at closing.