Rates as of October 15, 2026 · Updated every week after Freddie Mac’s Thursday release · By the MortgageCompass Editorial Team · How we research
The average 30-year fixed mortgage rate in the US is 7.40% this week, unchanged from last week, according to Freddie Mac’s Primary Mortgage Market Survey. The average 15-year fixed rate is 6.71%, down slightly from 6.73%. A year ago the two averages were 6.27% and 5.52%, so borrowing costs are more than a full percentage point higher than in October 2025.
30-YEAR FIXED
7.40%
Last week 7.40% · A year ago 6.27%
15-YEAR FIXED
6.71%
Last week 6.73% · A year ago 5.52%
These are national averages for conventional purchase loans to borrowers with a 20% down payment and excellent credit. Your own rate can be higher or lower, as explained below. If you are buying outside the US, see current rates in the UK, Canada and Australia.
What this week’s rate means for your payment
Rate slider: what today’s rates mean for your payment
Move the slider to the rate you have been quoted and compare it with this week’s national average and with a year ago.
Principal and interest only. Averages from the Freddie Mac Primary Mortgage Market Survey for October 15, 2026, which assumes a conventional purchase loan with 20% down and excellent credit. Not a quote and not financial advice.
On a 400,000 loan, the 30-year payment at 7.40% is about 2,770 a month for principal and interest. At last year’s 6.27% it would have been about 2,468, so the same loan now costs roughly 300 more every month. Even the move since mid-September matters: at the 6.95% average of September 17, the payment was about 2,648, or around 120 a month less than today.
How rates have moved recently
| Freddie Mac weekly average | 30-year fixed | 15-year fixed |
|---|---|---|
| October 15, 2026 | 7.40% | 6.71% |
| October 8, 2026 | 7.40% | 6.73% |
| September 17, 2026 | 6.95% | n/a |
| October 2025 (one year ago) | 6.27% | 5.52% |
This week’s reading pauses a run of weekly increases that took the 30-year average from below 7% in mid-September to its highest level since late 2023. Mortgage rates tend to follow the 10-year Treasury yield, which reacts to inflation data and expectations for Federal Reserve policy. For what forecasters expect next, see our mortgage rate predictions.
Why your rate may be different from the average
- Credit score: the average assumes excellent credit. Lower scores usually mean higher rates or extra pricing adjustments.
- Down payment: putting down less than 20% on a conventional loan usually adds mortgage insurance and can raise the rate.
- Loan type: FHA, VA and jumbo loans are priced differently from the conventional loans in the survey.
- Points: a quote below the average may include discount points that you pay upfront. Always check page 2 of the Loan Estimate.
- Property and purpose: investment properties, second homes and cash-out refinances normally cost more than a home you will live in.
The CFPB’s rate explorer, linked in the sources below, shows typical rates for your state, credit score range and down payment, which is a better benchmark than a single national number.
Lock now or wait?
Nobody can reliably predict next week’s rate. If you have found the right home and the payment fits your budget, locking protects you from further increases. Waiting only makes sense if you can afford the payment at a higher rate too. Two habits help in either case: ask how much a longer lock period costs if your closing may be delayed, and ask whether the lender offers a float-down option that lets you take a lower rate if rates fall before closing.
Three ways to get a rate below the average
- Get several quotes. Rates for the same borrower vary between lenders, so compare at least three Loan Estimates on the same day. Our guide to choosing a mortgage lender includes a tool to compare them.
- Consider a shorter term. The 15-year average is about 0.7 points lower than the 30-year. The payment is higher, but you pay far less interest. Compare both in our 30-year vs 15-year mortgage guide.
- Improve your profile before applying. Paying down card balances and avoiding new credit in the months before you apply can move you into a better pricing tier.
Frequently asked questions
How often do mortgage rates change?
Lenders can change their rates every day, sometimes more than once. Freddie Mac publishes its weekly average every Thursday, and we update this page after each release.
Is the Freddie Mac rate the rate I will get?
No. It is an average from lenders’ applications for a standard borrower profile. It is useful for tracking the market and checking whether a quote is reasonable, but your own rate depends on your credit, deposit, loan and lender.
If rates fall later, can I refinance?
Usually yes, but refinancing has closing costs, so it only pays off if the saving covers those costs within the time you keep the loan. Our amortization guide explains why a new loan also restarts the interest-heavy early years.
Sources
- Freddie Mac: Primary Mortgage Market Survey (weekly averages)
- CFPB: Explore interest rates by state, credit score and down payment
This page is for informational purposes only and is not financial advice or a rate offer. Averages come from Freddie Mac and may differ from the rates lenders offer you. Always compare official Loan Estimates before you commit.