The latest rise in the national mortgage benchmark adds $67.58 to a hypothetical monthly payment on a $400,000 loan. The average 30-year fixed rate reached 7.28% in the week ending October 1, up from 7.03% a week earlier and the highest since November 2023, according to Freddie Mac's weekly survey.
Chart: RateZip · Source: lender-posted rates tracked daily by RateZip.
At those rates, monthly principal and interest on the same $400,000, 30-year fixed loan would be $2,736.85 and $2,669.27, respectively. This illustration excludes taxes, insurance, mortgage insurance, points, fees and closing costs; it describes no actual borrower or offer. The survey measures average interest rates, not APRs.
"The 30-year mortgage rate has risen nearly a full percentage point over the past year, dramatically affecting buyer budgets," said Realtor.com senior economist Hannah Jones, according to Fox Business.
For shoppers, that higher national average is a measure of borrowing costs, not a price every lender charges. RateZip's October 6 observations put AmeriSave's posted 30-year fixed interest rate at 6.375%, below the October 1 survey average of 7.28%. The other tracked lenders offering that product—New American Funding, U.S. Bank, Rocket Mortgage, Wells Fargo and Bank of America—posted rates between 7.49% and 7.625%, above it. The gap shows why the weekly survey cannot stand in for a particular offer: these later advertisements reflect different credit, points, fees, loan-size and eligibility assumptions, so their spread does not establish savings available to one borrower.
Those mortgage quotes sit alongside higher bond yields. The 10-year Treasury yield, the benchmark long-term mortgage pricing most closely tracks, closed at 5.28% on October 2, up 4 basis points from the prior close, according to FRED. In an October 1 speech at the University of Virginia's Darden School, Federal Reserve Vice Chair Philip Jefferson said yields across maturities had risen further since the September meeting, a development he read as investors reassessing the economy. He supported the September quarter-point policy-rate increase as a step to keep longer-term inflation expectations anchored.
Higher borrowing costs meet a housing market already showing signs of hesitation. Compass chief economist Mike Simonsen reported weekly pending sales down 6.1% from a year earlier and cancellations at 13%, the highest since 2022, according to an October 1 Real Estate News article. Nearly 43% of listed homes had taken a price cut. Those reductions concern the purchase price; the payment illustration shows the separate pressure from financing it.
Jones outlined conditions that could lower borrowing costs: cheaper oil, further progress against inflation, or employment figures weak enough to increase expectations of reductions in the Fed's policy rate, according to Real Estate News. Her outlook offers possibilities for relief, rather than a promise that today's mortgage shoppers will get it.
Today's posted rates: the full table
| Lender | 30-Yr | 15-Yr | 20-Yr | FHA 30-Yr | VA 30-Yr | Jumbo 30-Yr | 7/6 ARM | HELOC (variable) |
|---|---|---|---|---|---|---|---|---|
| AmeriSave | 6.375% / 6.908% | 5.5% / 6.369% (+0.125) | — | — | — | — | — | — |
| New American Funding | 7.5% / 7.599% | 7% / 7.195% | — | 7.25% / 8.305% | 7.25% / 7.708% | — | — | — |
| Rocket Mortgage | 7.625% / 7.921% | 6.875% / 7.371% | — | — | — | — | — | — |
| Wells Fargo | 7.625% / 7.792% (+0.125) | 6.875% / 7.134% (+0.125) | — | — | — | — | 7% / 6.937% | — |
| U.S. Bank | 7.49% / 7.647% (+0.115) | 6.875% / 7.139% (+0.125) | 7.375% / 7.61% (+0.25) | 7.75% / 8.701% | 7.25% / 7.646% (+0.125) | 7.5% / 7.674% (+0.125) | 7.25% / 7.113% | — |
| Bank of America | 7.625% / 7.875% | 6.75% / 7.106% | 7.5% / 7.81% | — | — | — | 6.75% / 6.862% | — |
| Veterans United | — | — | — | — | 6.875% / 7.346% | — | — | — |
| FourLeaf Federal Credit Union | — | — | — | — | — | — | — | 7% / 7% |
Table source: RateZip's stored lender-posted rate observations. Rates are each lender's own published rate as of 9:35 a.m. ET, collected from their public rate pages and feeds. Each cell shows the posted interest rate / APR, where available; a parenthetical change, in percentage points, is measured against the last stored observation on or before the prior day. A '—' means no current observation for that product appears in this capture. How we collect and publish this: our rate methodology.
For closed-end mortgages, APR includes interest and certain loan charges; HELOC APR excludes fees. Adjustable-rate APR is not a maximum future rate. See the CFPB explanation.
National mortgage-rate benchmark cited in this article. Source: Freddie Mac Primary Mortgage Market Survey via FRED®, Federal Reserve Bank of St. Louis.
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