The 30-Year Mortgage Rate Is 7.28%, the Highest Since November 2023
Freddie Mac's survey put the 30-year fixed average up 25 basis points in a week and 94 basis points above where it stood a year ago.
The short answer
- Freddie Mac's Primary Mortgage Market Survey reported a 30-year fixed-rate average of 7.28% on October 1, up from 7.03% a week earlier.
- The 15-year fixed average rose to 6.60% from 6.42%. A year earlier the two averages were 6.34% and 5.55%.
- Fox Business reported that the last higher 30-year reading was 7.29% on November 22, 2023.
- Mortgage rates track the 10-year Treasury yield, which was around 5.23% on Thursday afternoon.
The average rate on a 30-year fixed-rate mortgage was 7.28% in Freddie Mac's weekly survey published on October 1, 2026. That is 25 basis points higher than the 7.03% reported a week earlier, and 94 basis points higher than the 6.34% recorded in the equivalent survey a year ago.
What the survey said
- 30-year fixed-rate mortgage: 7.28%, against 7.03% the previous week and 6.34% a year earlier.
- 15-year fixed-rate mortgage: 6.60%, against 6.42% the previous week and 5.55% a year earlier.
- Fox Business, reporting the release, said the 30-year figure was the highest since November 22, 2023, when the survey read 7.29%.
The Treasury link
Thirty-year mortgage rates are not set by the Federal Reserve. They move with the yield on the 10-year Treasury note, which lenders use as a reference for pricing long-dated fixed-rate debt. Fox Business reported that the 10-year yield was hovering around 5.23% on Thursday afternoon. Federal Reserve policy reaches mortgage rates indirectly, through its effect on those yields and on expectations for future short-term rates, rather than through any direct setting of mortgage pricing.
What a 94-basis-point year does to a payment
Hannah Jones, a senior economist at Realtor.com, told Fox Business that the increase has added more than $200 to the monthly principal and interest payment on a median-priced home, and that buying power can differ by roughly $28,400 depending on a buyer's credit score and down payment. The outlet noted that the annual increase of nearly a full percentage point has pressed on buyer budgets even though median home prices have fallen year over year.
With mortgage rates on their current trajectory, the housing market continues to be supported by favorable economic conditions.
This article reports published survey figures and is for informational purposes only. It is not investment, lending, tax or legal advice, and it is not a recommendation to buy, sell, borrow or refinance. Readers should consult Freddie Mac's survey page for current figures and a qualified professional about their own circumstances.
Sources
- Mortgage Rates Average 7.28% (October 1, 2026) — Freddie Mac via GlobeNewswire
- Mortgage Rates Average 7.28% — investor release — Freddie Mac
- Mortgage rates rise to 7.28%: Freddie Mac — Fox Business
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- Published:
- 2 Oct 2026, 05:03 UTC
- Last updated:
- 2 Oct 2026, 05:03 UTC
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