Use the latest saved Freddie Mac survey to see the national mortgage rate trend, then compare a refinance using your own loan details. These weekly averages describe purchase mortgage applications across the country. They are not a daily rate feed, a refinance offer, or a rate you are guaranteed to receive. The calculator shows principal and interest, monthly payment savings, a simple cash-flow break-even month, and the difference in lifetime interest. Replace the survey rate with the rate from your own loan documents and enter the closing costs you would pay upfront.
A source-backed refinance example
| Input | Published example |
|---|---|
| Existing loan balance | $200,000 |
| Existing interest rate | 6% |
| Remaining comparison term | 30 years |
| New interest rate | 5% |
| New term | 30 years |
| Upfront closing costs | $2,500 |
Source: Federal Reserve break-even worksheet.
How it works
M = P * r / (1 - (1 + r)^(-n))r = annual interest rate / 100 / 12; n = years * 12P is the borrowed principal, M is the monthly principal and interest payment, r is the monthly interest rate, and n is the number of monthly payments. At a zero interest rate, M = P / n. The CFPB payment explanation describes a fixed-rate payment that fully repays the loan by the end of its term. This is the standard amortization formula for that payment.
Remaining interest = M * n - P. Monthly savings = current payment - new payment. Lifetime interest difference = remaining current interest - new loan interest. Net lifetime benefit subtracts upfront closing costs from that difference. A negative result means the new scenario costs more.
Cash-flow break-even month = ceiling(upfront closing costs / positive monthly savings). There is no payment-based break-even when monthly savings are zero or negative. If the result exceeds the shorter of the two payment periods, the tool marks it beyond the loan period. The Federal Reserve refinancing worksheet explains cost recovery using savings; its published example includes an after-tax adjustment. This tool uses pre-tax principal and interest savings and does not compare equity at a sale date.
Weekly rate change = latest observation - prior observation, in percentage points. The chart connects the last 52 shared weekly observations without interpolating missing values. The Freddie Mac PMMS description explains the national survey. PMMS rates describe purchase applications; prefilled refinance inputs are only comparison starting points.
Frequently asked questions
What are mortgage rates today for a 30-year fixed loan?
The dashboard shows the latest saved weekly Freddie Mac 30-year national average and its observation date. It is a survey average, not a same-day quote. Read the official PMMS source for its release details.
Where can I find 15-year refinance rates today?
The dashboard also shows the 15-year PMMS average. PMMS is based on purchase applications, so neither average is a refinance quote. The term comparison tool lets you replace both rates with your own inputs.
Are mortgage rates different in my state?
This dataset is a national average and does not provide state-specific observations. The site does not infer a local rate from it. A national survey cannot identify the rate for your property or application.
How can I see a mortgage rate history chart?
The chart draws the last 52 available weekly observations for both fixed-rate series. The history tool lets you choose a calendar year and read each saved weekly observation in a table.
How do I calculate whether refinancing breaks even?
Enter the current balance, current rate, remaining term, proposed rate, proposed term, and upfront costs. The calculator divides upfront costs by positive monthly principal and interest savings, then rounds up to a full month. Read the lifetime interest result too.
Can I calculate a cash-out refinance payment?
Use the cash-out tool to add requested cash and optional financed costs to the existing balance. It calculates payment and interest using your entered rate and term. It does not determine how much cash you can qualify to borrow.
Sources
- Freddie Mac: Primary Mortgage Market Survey
- FRED: 30-year fixed mortgage average
- FRED: 15-year fixed mortgage average
- CFPB: how mortgage payments are calculated
- CFPB: discount points and lender credits
- Federal Reserve: mortgage refinancing explanations and examples
The initial saved observations are from the Freddie Mac historical workbook. The weekly refresh reads the Freddie Mac historical workbook, with the FRED CSV series as a fallback. Freddie Mac PMMS data are provided as is, without warranties. Calculated payment comparisons are separate from the published survey observations.