Freddie Mac’s latest weekly survey, published October 1, 2026, put the average 30-year fixed mortgage rate at 7.28%, up from 7.03% the previous week. The average 15-year fixed rate also rose, reaching 6.60% from 6.42%. These are national survey benchmarks, not quotes for a particular borrower.
What are current 30-year and 15-year mortgage rates?
Freddie Mac reported these national averages as of October 1, 2026:
| Loan type | October 1, 2026 average | Previous week | Year earlier |
|---|---|---|---|
| 30-year fixed | 7.28% | 7.03% | 6.34% |
| 15-year fixed | 6.60% | 6.42% | 5.55% |
Both averages increased week over week and were above their readings a year earlier, according to Freddie Mac’s Primary Mortgage Market Survey. The 30-year figure rose by 0.25 percentage point from the prior week; the 15-year figure rose by 0.18 percentage point.
Why are mortgage rates going up?
The reviewed Freddie Mac release reports the increase but does not identify what caused it, so the weekly change cannot be attributed here to a specific economic report, Federal Reserve action, Treasury move, or other event. Nor does the release provide a forecast.
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Freddie Mac Chief Economist Sam Khater said, “With mortgage rates on their current trajectory, the housing market continues to be supported by favorable economic conditions.” That is Freddie Mac’s assessment of housing-market conditions, not an explanation for the week’s rate increase.
What Freddie Mac’s average does—and does not—represent
The PMMS benchmark reflects conventional, conforming, fully amortizing home-purchase loans for borrowers with excellent credit and 20% down. It is a national survey average for that defined profile, not a personalized offer or a rate available to every borrower.
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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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Freddie Mac says its survey uses application data submitted through Loan Product Advisor and averages rates offered during Thursday-to-Wednesday periods. It is released weekly on Thursday. Because the published figure summarizes a defined survey population and period, your own lender quote may differ.
Why another mortgage-rate figure may not match
The Mortgage Bankers Association’s September 30 search-result extract reported a 7.30% average contract rate for conforming 30-year fixed mortgages for the week ending September 25. It also listed 0.75 points, up from 0.73, for loans at 80% loan-to-value. The extract reported mortgage applications declined 6.0% that week.
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That 7.30% figure is not a contradiction of Freddie Mac’s 7.28%: the MBA reports a contract-rate measure from a separate weekly survey with different methodology, while Freddie Mac reports its PMMS average. The MBA figures cited here are available only in the September 30 search-result extract, not a directly reviewed source page.
How to compare a 30-year and 15-year fixed mortgage
The October 1 averages show that the 15-year rate was lower than the 30-year rate, but the rate alone does not determine which option fits. Compare the terms using your actual loan amount and budget:
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- 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
- Monthly payment: Calculate each option using the same principal and account for applicable fees. A shorter term generally requires a higher scheduled payment because the balance is repaid sooner.
- Total interest: Compare interest over the full term using the same assumptions. The shorter loan’s lower rate does not, by itself, show the total cost.
- Payment resilience: Check whether the higher scheduled payment on a 15-year loan leaves enough room in your budget for other expenses and savings.
No sample payment is given here because the loan amount, fees, and borrower-specific terms needed for a meaningful calculation vary.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What to do with the weekly average
Use the survey as a market reference, then compare personalized quotes for the same loan type, term, down payment, and points. A quoted rate is useful to compare only when the loan terms and costs are comparable.
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