30-year mortgage rate hits 7.28%, the highest since November 2023
Freddie Mac’s PMMS put the 30-year fixed at 7.28% for the week of October 1 — up from 6.76% three weeks earlier and 6.34% a year ago.
Freddie Mac’s Primary Mortgage Market Survey has the 30-year fixed rate at 7.28% for the week ending October 1, 2026, with the 15-year at 6.60%. That is the highest 30-year reading in the survey since November 22, 2023 (7.29%), and the top of this year’s range: the 2026 low was 5.98% in late February.
The climb has been fast. The 30-year was 6.34% a year ago (October 2, 2025), 6.43% at the start of July, 6.69% in early August, 6.76% on September 10, 6.95% on September 17, 7.03% on September 24, and 7.28% this week — roughly half a point in a month.
What it does to a monthly payment
Rates move payments more than most buyers expect. On a $400,000 loan, 6.34% versus 7.28% is the difference between about $2,486 and $2,737 a month in principal and interest — roughly $250 a month, or about $3,000 a year, before taxes and insurance. (Standard amortization arithmetic; your lender’s quote will differ by fees and points.)
Prices have not followed rates down. FHFA’s latest House Price Index, released September 29, shows U.S. house prices up 0.3% in July and 2.6% from a year earlier — so the affordability squeeze is coming from the financing side, not from falling values.
For owners, the practical read is that the “lock-in” effect strengthens: a sub-4% mortgage is worth more each week rates rise, and improving the house you have keeps looking better than moving.
Sources
- Freddie Mac Primary Mortgage Market Survey (PMMS) — weekly history (week of Oct 1, 2026)
- Freddie Mac PMMS historical data (CSV) (Oct 1, 2026)
- FHFA House Price Index monthly report — data through July 2026 (released Sept 29, 2026)
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