How to read this page
Freddie Mac surveys lenders every week and publishes the national average for a 30-year and a 15-year fixed-rate mortgage on Thursday morning. It is the number news reports quote. Your own quote will differ — by credit score, down payment, loan size and lender — but the weekly change tells you which way the market is moving and how fast. We update this page the same day and send one email to subscribers with the number and what it does to a typical payment.
Why rates are rising in late 2026
Mortgage rates track the 10-year Treasury yield plus a spread, not the Fed's rate directly. The Federal Reserve raised the federal funds rate to 3.75%–4.00% on September 16, 2026 — its first increase since 2023 — and the minutes released October 7 showed most officials expect another hike by year-end. Investors have pushed Treasury yields up in response, and the 30-year mortgage average has followed, from 7.03% in late September to 7.40% on October 8. The next scheduled Fed decisions are October 28 and December 9.
What to do at these levels
- Buying in the next 60 days: get written quotes from three lenders on the same day and ask what a rate lock with a float-down costs. The Rate Shock Calculator shows what each quarter point means for your payment.
- Holding an ARM or HELOC: your rate moves with the market, not with your lender's goodwill. See the Refinancing Guide for whether fixing it now makes sense.
- Holding a fixed loan under 6%: nothing to do; a refinance cannot help you at these rates. Set a rate alert below and forget about it.