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Freddie Mac’s national average for a 30-year fixed mortgage reached 7.28% for the week ending October 1, 2026, its highest weekly reading since Donald Trump took office on January 20, 2025. That is far above the 3% or lower rate Trump said in September 2024 his administration would seek. The figures describe a national benchmark, not a rate available to every borrower, and a president does not directly set mortgage rates.
What are mortgage rates right now?
Freddie Mac reported a 7.28% average for 30-year fixed mortgages and 6.60% for 15-year fixed mortgages on October 1, 2026. The 30-year average was 7.03% the previous week and 6.34% a year earlier; the 15-year average was 6.42% the previous week and 5.55% a year earlier. These are separate loan terms and their averages are not interchangeable for an individual borrower.
Freddie Mac’s Primary Mortgage Market Survey is released weekly, normally on Thursdays. Its rates reflect applications received from the preceding Thursday through Wednesday and cover selected conventional, single-family purchase loans within conforming limits. Freddie Mac says it collects information from thousands of loan applications. The result is a national benchmark; an individual lender’s quote can differ based on borrower, loan and market circumstances. Freddie Mac’s October 1, 2026 survey and methodology provide the underlying figures.
What did Trump say about 3% mortgage rates?
At an Economic Club of New York appearance on September 5, 2024, Trump said, as quoted by Benzinga: “Reducing mortgage rates is a big factor. We’re going to get them back down, to, we think, 3%, maybe even lower than that,” Benzinga reported the remark. The statement expressed an intended outcome; it was not a guarantee that every borrower would qualify for a 3% loan. The original speech transcript or recording was not independently verified here.
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Are rates the highest since Trump took office?
Yes, for the specific Freddie Mac 30-year fixed weekly series and the October 1, 2026 reading: 7.28% was the highest reported since Trump’s January 20, 2025 inauguration. It does not mean rates are at an all-time high. The comparison is limited to this series and period, rather than every mortgage product, lender offer, or point in mortgage-rate history.
Why can’t a president simply set mortgage rates?
Mortgage rates are shaped by bond-market conditions and longer-term borrowing costs, among other factors. They do not move solely at the direction of the president or in lockstep with Federal Reserve policy. Freddie Mac’s weekly figure is a survey average, not an administered government rate.
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That distinction matters when evaluating a political promise: an administration may influence economic conditions and policy, but a statement of intent does not itself determine what lenders charge. Freddie Mac Chief Economist Sam Khater said on the October 1 survey page, “With mortgage rates on their current trajectory, the housing market continues to be supported by favorable economic conditions.”
What did the economist mean by “extremely concerned”?
On October 1, 2026, Marc Goldwein, senior vice president and senior policy director at the Committee for a Responsible Federal Budget, wrote in an X post, as reported by Benzinga: “I would be extremely concerned right now if you told me mortgage rates were headed to 3%.” The wording is his response to the prospect of rates reaching 3%, not a forecast that rates will reach that level. Benzinga reported the post; its original text was not independently verified here.
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Could mortgage rates rise to 9%?
That figure was described as a severe conditional scenario, not the base case. Benzinga reported that Cotality Chief Economist Selma Hepp expected mortgage rates to stay near 7% for some time under then-current bond-market conditions. A rise to 9% would depend on a severe combination of Treasury-market disruption and higher long-term yields; Hepp said of that scenario, “it’s really not our base case scenario.” Her comments were reported secondhand from a CNBC interview, so the 9% figure should not be read as a firm prediction.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How are buyers and sellers responding?
Benzinga reported that some homebuilders were using mortgage-rate buydowns and seller concessions to help with affordability. It also reported that existing homeowners may be reluctant to move when prevailing rates exceed the rates on their current mortgages. These are reported market responses, not conditions that apply to every builder, seller or buyer.
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For a rough estimate of how a rate change affects principal-and-interest payments, use a mortgage payment calculator or another calculator with the loan amount, term and interest rate. A calculator does not provide a lender offer and may not include property taxes, insurance, fees or borrower-specific terms.
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