Housing
The 30-year mortgage rate is at 7.40%, its highest since November 2023
By the newsroom · · 1 min read · ▶ 0:46
The essentials
- The 30-year fixed-rate mortgage averaged 7.40% as of October 15, 2026, unchanged from last week.[1]
- A year ago at this time, the 30-year FRM averaged 6.27%.[1]
- The last week at or above that level in Freddie Mac's survey was November 16, 2023, at 7.44%.[2][3][4][5]
- The all items index increased 3.7 percent before seasonal adjustment over the last 12 months.[6]
What happened
The 15-year fixed-rate mortgage averaged 6.71%, down from last week when it averaged 6.73%.[1] Inflation pushed energy prices up, with gasoline seeing a 34% year-over-year increase.[7] The Federal Reserve raised rates last month, its first increase in three years.[7] On January 7, 2021, the 30-year rate stood at 2.65%.[8]
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What the video doesn't say
This year's low came on February 26, 2026, at 5.98%.[5] In 2023, the rate peaked at 7.79% on October 26.[2] The inflation rate also continues to outpace wage growth, which was 3% in September.[7] On October 14, the odds of an October rate hike stood at 37% on the FedWatch tool, up from 22% the day before.[7]
What's next?
The Federal Reserve next meets on Oct. 27-28.[7] Freddie Mac releases its survey weekly on Thursdays at 12 p.m. ET.[1]
Sources
- 1Mortgage Ratesfreddiemac.com
- 2Mortgage Market Survey Archivefreddiemac.com
- 3Mortgage Market Survey Archivefreddiemac.com
- 4Mortgage Market Survey Archivefreddiemac.com
- 5Mortgage Market Survey Archivefreddiemac.com
- 6Consumer Price Index News Release - 2026 M09 ResultsBureau of Labor Statistics
- 7Hot inflation report increases odds of October rate hikeRealEstateNews.com · October 14, 2026
- 8Mortgage Market Survey Archivefreddiemac.com
Photos: Bubba73 (CC BY-SA 3.0), Dwight Burdette (CC BY 3.0), Mike Mozart from Funny YouTube, USA (CC BY 2.0), Bubba73 (CC BY-SA 3.0), AgnosticPreachersKid (CC BY-SA 3.0). Cropped.
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