Average U.S. mortgage rate reaches highest level in nearly three years
PBS · October 1, 2026Original source ↗
What happened
The average rate for a 30-year fixed mortgage in the U.S. increased to 7.28%, according to mortgage buyer Freddie Mac. This rate is up from an average of 6.34% one year ago.
Why it matters
The increase in mortgage rates can impact home affordability and the housing market.
How this story affects people
How does this story affect you if you are shopping for a mortgage?
The increase in mortgage rates means that borrowing costs have risen significantly, making monthly payments higher for new homebuyers. This could lead to reduced home affordability and potentially limit the number of homes buyers can consider.
How does this story affect you if you currently have a variable-rate mortgage?
With rising mortgage rates, your monthly payments may increase if your loan adjusts, putting additional financial strain on your budget. This could affect your ability to manage other expenses or save for future needs.
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