US Mortgage Rates Hit 7.28%, Making Homebuying More Expensive
The average US rate on a 30-year fixed mortgage climbed to 7.28% on October 1, 2026, according to Freddie Mac. That compares with 7.03% the previous week and 6.34% a year earlier. The increase takes the benchmark to its highest level in nearly three years. For prospective buyers, it adds another obstacle to affording a home.
The latest rise marked the sixth consecutive weekly increase in mortgage rates. It was also the largest weekly jump in roughly four years. Higher borrowing costs reduce purchasing power because buyers must devote more of their monthly budget to financing the same loan. Some households may consequently reconsider their price range or postpone buying.
Rates on shorter mortgages also increased. Freddie Mac reported that the average 15-year fixed rate reached 6.60%, compared with 6.42% a week earlier. At the same time last year, that average stood at 5.55%. The figures show that the increase in borrowing costs extends beyond the standard 30-year mortgage.
The published averages describe a particular segment of the mortgage market. Freddie Mac’s survey focuses on conventional, conforming home purchase loans for borrowers with excellent credit and a 20% down payment. The 7.28% figure therefore provides a benchmark rather than a guaranteed offer for every applicant. Buyers should distinguish this national average from the rate quoted for their own financing.