The average 30-year fixed mortgage rate held at 7.40% this week, according to Freddie Mac's survey released Thursday, October 15, 2026. That is the highest level since late 2023 and more than a full point above the 6.27% of a year ago.
The 15-year fixed edged down to 6.71%, from 6.73% the week before.
Mortgage rates today
| Loan type | Rate | Source |
|---|---|---|
| 30-year fixed | 7.40% | Freddie Mac, Oct. 15 |
| 15-year fixed | 6.71% | Freddie Mac, Oct. 15 |
| 30-year fixed (lender average) | 7.46% | The Mortgage Reports, Oct. 19 |
| 30-year FHA | 7.24% | The Mortgage Reports, Oct. 19 |
| 30-year VA | 7.20% | The Mortgage Reports, Oct. 19 |
| 30-year fixed refinance | 7.38% | Zillow, Oct. 15 |
Averages; the rate you are offered depends on your credit score, down payment, loan size and lender.
"The average 30-year fixed-rate mortgage remained unchanged this week," said Sam Khater, Freddie Mac's chief economist.
How much does a mortgage cost at 7.4%?
Monthly principal and interest on a 30-year fixed loan:
| Loan amount | At 6.27% (a year ago) | At 7.40% (now) | Difference |
|---|---|---|---|
| $300,000 | $1,851 | $2,077 | +$226 |
| $400,000 | $2,468 | $2,770 | +$302 |
Excludes property taxes, homeowners insurance and mortgage insurance.
Why are mortgage rates so high?
Mortgage rates follow the 10-year Treasury yield, which closed around 5.1% last week. That yield has climbed this fall for several reasons:
- Inflation is rising again. Prices rose 3.7% in the year to September. See our CPI breakdown.
- The Fed is hiking. It raised its benchmark rate to 3.75%–4% in September and may go again by December.
- Oil is expensive. Crude climbed back near $100 a barrel late last week.
- The government is borrowing heavily, and investors want a higher return for holding long-term bonds.
Our explainer on why Treasury yields are so high goes deeper.
Will mortgage rates go down?
Not soon, according to most economists who have spoken recently.
"I expect mortgage rates to increase from where they are now," Lisa Sturtevant, chief economist at Bright MLS, told The Mortgage Reports. Realtor.com senior economist Jiayi Xu said rates are "unlikely to ease anytime soon," according to Yahoo Finance.
The big housing forecasters are more optimistic. Fannie Mae and the Mortgage Bankers Association both projected about 6.8% for the fourth quarter, but those forecasts date from mid-September, before rates rose further.
There was one brief bright spot last week. On Thursday the 10-year yield fell nearly 10 basis points, as investors bought bonds during a tech-stock sell-off.
What should buyers and owners do?
- Shop several lenders. Quotes for the same borrower can differ by a meaningful amount.
- Ask about rate locks if you are under contract, since rates can move with each inflation report.
- Compare loan types. FHA and VA rates are currently a little lower than conventional 30-year loans.
- Hold off on refinancing unless you can cut your rate enough to cover closing costs.
What to watch this week
| Day | Data |
|---|---|
| Tuesday, Oct. 20 | Housing starts and permits; pending home sales |
| Wednesday, Oct. 21 | MBA mortgage applications |
| Thursday, Oct. 22 | Freddie Mac weekly rates; jobless claims |
| Friday, Oct. 23 | Consumer sentiment |
The Fed's decision follows on October 28.
Published Monday, October 19, 2026. Rates are national averages and change daily. This article is for information only and is not financial advice.
