As of Monday, October 12, 2026, the average U.S. 30-year fixed mortgage rate is roughly 7.40% to 7.41%, depending on the source and whether the figure is reported as the note rate or APR.freddiemac+1
Today’s headline rate
Freddie Mac’s widely watched weekly survey put the 30-year fixed-rate mortgage at 7.40% as of October 8, up from 7.28% the prior week. NerdWallet’s Monday-morning update reports a national average of 7.40% interest rate / 7.41% APR for a 30-year fixed loan.freddiemac+1
Other market trackers show slightly higher figures because they survey different lender panels and may include fees or different borrower profiles. Bankrate lists a national average 30-year fixed rate of 7.54% for October 12, while Mortgage News Daily reported a top-tier 30-year fixed rate near 7.48% in its latest update.mortgagenewsdaily+1
What this means for borrowers
A 30-year fixed mortgage locks in the same principal-and-interest payment for three decades, which makes it the most predictable option for many buyers. The trade-off is that its rate is typically higher than shorter-term loans because lenders take on more long-term interest-rate risk.
At 7.40%, a $400,000 loan with a 30-year fixed rate would have a principal-and-interest payment of about $2,776 per month, before property taxes, homeowners insurance, HOA fees, and mortgage insurance. The exact payment will vary with credit score, down payment, loan size, property type, and lender fees.
Why rates are elevated
Mortgage rates generally move with long-term U.S. Treasury yields, especially the 10-year yield, along with expectations for inflation and Federal Reserve policy. Recent market conditions have pushed borrowing costs higher, with the 30-year fixed average rising for seven consecutive weeks through October 8, according to Trading Economics’ summary of Freddie Mac data.tradingeconomics
That does not mean every borrower will be quoted 7.40%. Strong credit, a larger down payment, a conventional loan, and discount points can produce a lower rate; weaker credit, lower down payments, or certain property types can raise it.
Practical takeaways
-
Shop at least three to five lenders. Freddie Mac notes that comparing multiple mortgage quotes can potentially save borrowers thousands over the life of the loan.freddiemac
-
Compare the APR, not only the headline rate. APR includes certain upfront costs, making it more useful for comparing offers.nerdwallet
-
Ask for a Loan Estimate. It standardizes the rate, closing costs, and key loan terms so offers are easier to compare.
-
Consider locking only when ready. A rate lock protects your quoted rate for a set period, but lock terms and fees vary by lender.
-
Check government-backed options. FHA and VA loans may offer different pricing; NerdWallet’s Monday snapshot listed a 30-year FHA rate of 5.38% and a VA rate of 6.89%, though these products have their own eligibility rules and costs.nerdwallet
For now, buyers and refinancers should treat about 7.4% as the benchmark for a U.S. 30-year fixed mortgage, while recognizing that individual quotes can vary meaningfully from lender to lender.