What are mortgage rates today? In Bankrate’s U.S. national rate table captured at 6:30 a.m. on Saturday, October 10, 2026, the average 30-year fixed purchase mortgage was 7.64% interest (7.73% APR), and the 15-year fixed was 6.85% (6.98% APR). Bankrate listed the same figures for those refinance terms. These are national averages, not rates guaranteed to an individual borrower.
Mortgage and refinance rates on October 10
Bankrate’s daily table reports interest rates and annual percentage rates (APR) separately. APR reflects the interest rate plus certain loan costs, so it can help with comparisons when quotes use the same assumptions. The figures below are national averages, not personalized offers. [Bankrate]
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| Loan type | Purchase interest rate | Purchase APR | Refinance interest rate | Refinance APR |
|---|---|---|---|---|
| 30-year fixed | 7.64% | 7.73% | 7.64% | 7.73% |
| 15-year fixed | 6.85% | 6.98% | 6.85% | 6.98% |
Bankrate’s separate ARM table listed these purchase and refinance figures. Its 10/1 refinance entry shows an APR below the interest rate; that displayed pairing is reproduced as published and should be checked against the table or a lender rather than treated as a corrected or confirmed quote. [Bankrate ARM rates]
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| ARM type | Purchase interest rate | Purchase APR | Refinance interest rate | Refinance APR |
|---|---|---|---|---|
| 5/1 ARM | 6.45% | 6.91% | 6.43% | 6.91% |
| 10/1 ARM | 6.58% | 6.77% | 6.86% | 6.77% |
Why reported rates differ—and what “jump” means
Rate publishers draw on different lender samples and use different methods, so their daily figures are not interchangeable. Yahoo Finance reported October 10 daily rates of 7.44% for a 30-year fixed mortgage, 6.77% for a 15-year fixed mortgage, and 7.28% for a 5/1 ARM. It said those rates had risen by 10, 8, and 19 basis points, respectively, from the prior day. Those are Yahoo Finance’s figures, not Bankrate’s national averages. [Yahoo Finance]
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A separate weekly benchmark gives longer-term context. Freddie Mac’s weekly survey, reported by the Associated Press on October 8, put the 30-year fixed average at 7.40%, up from 7.28% the previous week. The 15-year average was 6.73%, up from 6.60%. The 30-year figure was the highest since November 2023 and had risen for seven consecutive weeks. This weekly survey is not a Saturday lender quote or the same measure as a daily rate table. [Associated Press report on Freddie Mac’s survey]
How to choose between a fixed rate and an ARM
Fixed-rate mortgage
A fixed-rate loan keeps its interest rate unchanged for the loan term, making principal-and-interest payments more predictable. A shorter term generally requires a higher monthly payment but can reduce total interest if you keep the loan and make payments as scheduled.
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- CONFIDENTLY AND EASILY SOLVES: All your clients' financial questions whether they are buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions
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- FIGURE OUT THE RIGHT LOAN: At the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or tvm calculations Find loan amount, term, interest or PITI or PI payments
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Adjustable-rate mortgage
An ARM’s initial rate is fixed only for its stated introductory period; after that, the rate can adjust under the loan’s terms. A lower initial rate does not establish that an ARM will cost less over the time you hold it. Compare the initial fixed period, adjustment schedule, caps, index and margin, and the payment consequences after the first adjustment. The rate tables do not provide a personalized estimate of future ARM payments.
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Compare the payment trade-off
Kiplinger illustrates the term trade-off using a $400,000 loan and earlier weekly averages—not October 10 pricing: at 7.28% for 30 years, monthly principal and interest would be $2,737; at 6.60% for 15 years, it would be $3,506. The shorter-term example has the larger monthly payment. These figures exclude taxes, insurance, and other housing costs. [Kiplinger’s illustration]
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How to compare quotes for a purchase or refinance
- Request comparable written quotes. Use the same loan type, term, loan amount, occupancy, property details, and rate-lock period when comparing lenders. Your credit profile, loan-to-value ratio, property, loan size, points, and underwriting can affect the offer.
- Compare both rate and APR. Review points and fees alongside the interest rate. A lower interest rate may involve higher upfront costs; APR helps surface some of those costs, but read the quote’s assumptions and fee details.
- Check the loan structure. For an ARM, confirm when the introductory period ends and how later adjustments are calculated. For a fixed loan, compare the term and required monthly payment.
- Evaluate the cost over your expected holding period. Consider monthly payment, upfront costs, and total interest over the period you expect to keep the loan—not only the advertised rate.
- For a refinance, weigh costs against savings. Compare closing costs with the payment or interest savings you expect before selling or refinancing again. National averages alone cannot establish a break-even point for your situation.
What these rates do—and do not—tell you
This is a U.S. national snapshot dated October 10, 2026; Bankrate’s table was captured at 6:30 a.m. Rates can change, and a national average is not a state-specific price or an underwriting quote. Your actual offer depends on your circumstances and lender. Use the figures as dated comparison benchmarks, then confirm current terms and costs in written quotes.
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- SPEAKS YOUR LANGUAGE: Keys clearly labeled in residential mortgage finance terms like Loan Amt, Int, Term, Pmt; this industry-standard calculator is super easy to use on all realty financing matters from finding a loan that works for your client to considering trust deeds investments, or finding remaining balances or balloon payments and more
- CONFIDENTLY AND EASILY SOLVE: Clients' financial questions whether they're buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions from PITI Payments to IRR, NPV and Cashflows
- DEDICATED BUYER QUALIFYING KEYS: Enter client's income, debt and expenses to pre-qualify them to only show properties they can afford. Include tax, insurance and mortgage insurance then compare loan options and payment solutions to give your client choices before they make an offer to buy
- FIGURE OUT THE RIGHT LOAN: For your client at the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or TVM calculations find loan amount, term, interest or PITI or PI payments
- BECOME AN INVALUABLE RESOURCE: To your clients by reducing their confusion and uncertainty; ensuring they are able to make a purchase offer; knowing they can afford the down payment; and determining which is the right loan for them. Date-math for listings and contracts too. Comes with a protective slide cover, quick reference guide, pocket user's guide, and long-life battery
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