US Mortgage Rates Top 7% as Treasury Yields Climb
October 1, 2026 | The average 30-year fixed mortgage rate in the United States reached 7.03%, according to Freddie Mac's Primary Mortgage Market Survey released September 24. That is up from 6.95% a week earlier and well above the 6.30% recorded a year ago.
[UPDATE] Freddie Mac publishes a new weekly reading every Thursday at noon Eastern. Swap in the newest figure if it is already out.
Key numbers
- 30-year fixed: 7.03% (6.95% last week; 6.30% a year ago)
- 15-year fixed: 6.42% (6.26% last week; 5.49% a year ago)
- Late August level: 6.66%, according to the American Bankers Association
Why rates are rising
Mortgage rates tend to follow the 10-year Treasury yield. Daily tracking from The Mortgage Reports shows that yield at 5.183% on September 25 and 5.209% on September 28, while oil prices moved back above $94 a barrel. Higher energy costs raise inflation worries, which keeps bond yields and mortgage rates elevated.
Freddie Mac chief economist Sam Khater said the housing market is still supported by a solid labor market and a growing economy.
What it means for buyers
Freddie Mac's own payment table shows the cost of the climb. On a $300,000 loan, principal and interest runs about $1,896 a month at 6.5% and $1,996 at 7%. That is roughly $100 more every month, or about $1,200 a year.
What to watch next
Buyers shopping now should compare quotes from several lenders, since individual offers can sit above or below the national average. Keep an eye on Treasury yields and oil prices, the two inputs moving rates most this week.