Mortgage rates hold at 7.40%, the highest since November 2023
The 30-year fixed rate averaged 7.40% in Freddie Mac's survey for a second week, after seven straight weekly increases. On a $400,000 loan that is about $300 a month more than a year ago.
The numbers
Mortgage rates held at their highest level in almost three years in mid-October. Freddie Mac's Primary Mortgage Market Survey put the average 30-year fixed rate at 7.40% for the week of October 15, 2026, unchanged from October 8. The last time the survey was that high was November 16, 2023, at 7.44%. The 15-year fixed averaged 6.71%.
The climb was fast. The 30-year average rose for seven straight weeks, from 6.65% on August 20 to 7.40% on October 8. Earlier this year it was far lower: the 2026 low was 5.98% on February 26.
What the climb costs a buyer
| 30-year rate | When | Principal and interest, $400,000 loan |
|---|---|---|
| 5.98% | February 26, 2026 | $2,393 |
| 6.27% | October 16, 2025 | $2,468 |
| 7.40% | October 15, 2026 | $2,770 |
The same $400,000 loan costs about $301 a month more than it did a year ago, or roughly $3,600 a year. Put another way, a buyer whose budget was $2,468 a month a year ago now qualifies for a loan of about $356,000 at 7.40%, roughly 11% less house for the same payment.
Why rates went up
Mortgage rates follow long-term bond yields more than the Fed's short-term rate, but both moved the same way this fall. On September 16, the Federal Reserve raised its benchmark rate by a quarter point to a range of 3.75% to 4%, its first increase since 2023, saying inflation "remains elevated." The next Fed meeting is October 27 and 28.
Freddie Mac's survey is a weekly average for borrowers with strong credit and 20% down, published Thursdays. Daily rate trackers move sooner and often run higher or lower than the weekly number, so expect lender quotes to differ from it.
What to tell your clients
Buyers who are under contract: confirm the rate lock date and what happens if closing slips. An extension fee is usually cheaper than relocking at a higher rate.
Buyers still shopping: refresh the pre-approval. A letter written at 6.7% may overstate what they can borrow at 7.4%. Then talk about seller-paid buydowns: in a slower market, sellers and builders are paying for them.
Sellers: every quarter point is a smaller pool of buyers at your price. Price for the payment buyers can make this month.
Today's numbers
Where the market stands now
The story above is dated October 21, 2026. These update on their own as the publishers release new data.
Questions
Quick answers
What are mortgage rates right now?
Freddie Mac's 30-year fixed averaged 7.40% for the week of October 15, 2026, and the 15-year 6.71%. The live box on this page shows the latest week.
How much more is a mortgage payment than a year ago?
On a $400,000 loan, principal and interest is about $2,770 at 7.40% against $2,468 at last October's 6.27%: about $301 a month more.
When does Freddie Mac publish mortgage rates?
Every Thursday, as a weekly average from its Primary Mortgage Market Survey.
Sources
- Freddie Mac, “Primary Mortgage Market Survey, weekly history (PMMS_history.csv),” October 15, 2026. www.freddiemac.com
- Federal Reserve, “FOMC statement,” September 16, 2026. www.federalreserve.gov
- Federal Reserve, “Meeting calendars and information, 2026,” Updated October 7, 2026. www.federalreserve.gov
Written by the AgentCOS News Desk in our own words from the sources above. Numbers are as published on the dates shown; publishers sometimes revise them later.