Rate data checked: 31 October 2026 | Market: United States | Topic: Home-purchase mortgage rates
Buying a home can feel simple until the interest rate changes. A small difference in the rate can add hundreds of dollars to the monthly payment and thousands of dollars over the life of a loan. That is why checking mortgage rates today: 30-year fixed is useful—but the first number you see is not always the rate a lender will offer you.
Bankrate’s daily snapshot at 6:30 a.m. ET on 28 October 2026 showed 7.31% for a 30-year fixed mortgage and 6.72% for a 15-year fixed mortgage. Freddie Mac’s newer weekly survey, released on 29 October, showed 7.24% and 6.60%, respectively. These are different surveys and dates, so they should not be treated as one identical measure.
This guide explains current mortgage rates in simple terms, compares 10-, 15-, 20- and 30-year fixed loans, shows how rates affect payments, and explains what to check before choosing a lender. It also includes historical context, a simple chart and links to reliable sources. The figures are dated snapshots, not a personal rate offer.
Key Takeaways
- Freddie Mac’s weekly average for the week ending 29 October was 7.24% for a 30-year fixed mortgage and 6.60% for a 15-year fixed mortgage.
- Bankrate’s separate daily snapshot at 6:30 a.m. ET on 28 October was 7.31% for 30 years and 6.72% for 15 years.
- Bankrate also showed 7.18% for 20-year fixed and 6.66% for 10-year fixed loans on 28 October.
- Published averages are not personal lender offers. Credit, deposit, property, points and fees affect the rate you may get.
- Compare the APR and full payment, not just the headline interest rate.
For the longer-term trend, see our historical mortgage rate chart. You can also compare 15-year and 30-year loans and read our mortgage rate meaning guide.
Quick Answer: Mortgage Rates Today
Bankrate’s national average on 28 October 2026 was 7.31% for a 30-year fixed mortgage and 6.72% for a 15-year fixed mortgage. Bankrate also listed 7.18% for a 20-year fixed loan and 6.66% for a 10-year fixed loan. Rates change, and borrowers can receive higher or lower offers based on credit, down payment, loan type, location and points.
| Mortgage type | Rate reference on 28 Oct 2026 | APR reference | What it means |
|---|---|---|---|
| 30-year fixed | 7.31% | 7.38% | Lower scheduled payment than a shorter term, but interest lasts longer |
| 20-year fixed | 7.18% | 7.28% | Middle ground for payment and payoff time |
| 15-year fixed | 6.72% | 6.83% | Usually higher monthly payment, less interest over time |
| 10-year fixed | 6.66% | 6.77% | Fast payoff with a much larger scheduled payment |
| 30-year FHA fixed | 7.16% | 7.20% | Government-insured loan; rules and mortgage insurance differ |
| 30-year VA fixed | 7.08% | 7.14% | For eligible military borrowers under VA rules |
| 30-year jumbo fixed | 7.36% | 7.39% | For loan amounts above conforming limits, subject to lender rules |
Source: Bankrate’s current mortgage-rate page, rates shown as of 6:30 a.m. ET on 28 October 2026. The survey may update, and not every borrower qualifies for the displayed rate.
Table of Contents
- Current mortgage rates today
- Why published rates differ
- 10-, 15-, 20- and 30-year fixed mortgages
- How a rate changes the monthly payment
- What moves mortgage rates
- How to compare offers
- When rates may go down
- Mortgage calculator
- FAQs
1. Current Mortgage Rates Today: 30-Year Fixed and More
Mortgage rate websites may show a daily national average, a weekly index, a lender’s advertised rate or a personalised quote. These are different things. A national average is useful for understanding the market, but it does not guarantee the rate that appears on your loan estimate.
On 28 October 2026, Bankrate’s national average showed 7.31% for a 30-year fixed purchase mortgage and 6.72% for a 15-year fixed mortgage. It also displayed product-specific averages for FHA, VA and jumbo loans. Those loan types have their own eligibility rules, costs and underwriting requirements.
Freddie Mac’s Primary Mortgage Market Survey for the week ending 29 October 2026 showed 7.24% for a 30-year fixed loan and 6.60% for a 15-year fixed loan. A year earlier, Freddie Mac’s survey showed 6.19% and 5.44%, respectively. The difference illustrates how much mortgage costs can change over a year.
Source: Freddie Mac’s Primary Mortgage Market Survey archive and Freddie Mac’s 29 October 2026 rate release. The survey focuses on conventional, conforming home-purchase loans for borrowers with strong credit and a 20% down payment, so it is not an exact match for every market product.
Interest rate versus APR
The interest rate is the percentage charged on the amount borrowed. The annual percentage rate, or APR, attempts to reflect the interest rate plus certain loan costs, expressed as an annual rate. APR can help compare offers, but it does not include every possible expense and depends on how long you keep the loan.
For example, one lender may advertise a lower interest rate but charge discount points or higher closing fees. Another may offer a slightly higher rate with lower upfront charges. The lowest headline rate is not always the lowest-cost choice for your time in the home.
2. Why Bankrate and Freddie Mac Show Slightly Different Rates
Bankrate and Freddie Mac do not collect rates in exactly the same way. Bankrate publishes national averages across a range of lending institutions and products, while Freddie Mac’s survey has its own loan and borrower profile. Their figures can differ by a few basis points, which is normal.
The difference does not necessarily mean one source is wrong. Always record the source and date next to the rate. A line in a chart labelled only “30-year mortgage rate” is incomplete unless readers know whether it is a daily average, a weekly survey, an advertised rate or an actual quoted offer.
| Source | Latest dated reference used here | 30-year fixed | 15-year fixed |
|---|---|---|---|
| Bankrate daily average | 28 Oct 2026, 6:30 a.m. ET | 7.31% | 6.72% |
| Freddie Mac weekly survey | 22 Oct 2026 | 7.24% | 6.60% |
Use Bankrate when you need a daily market comparison and Freddie Mac when you want to follow the established weekly survey. For an actual purchase, request written Loan Estimates from several lenders and compare the same loan type, property type, credit profile, down payment and lock period.
3. 10-Year vs 15-Year vs 20-Year vs 30-Year Mortgage Rates
A mortgage term affects both the scheduled monthly payment and the time it takes to repay the loan. The shorter the term, the fewer payments you make. That usually means less total interest, but it also means you must pay more each month.
30-year fixed mortgage
A 30-year fixed loan spreads the principal and interest across up to 360 monthly payments. It may suit buyers who value a lower required payment or need room in their budget for childcare, repairs, retirement saving or other expenses. The trade-off is that interest accumulates over a longer period, and the loan balance falls more slowly in the early years.
20-year fixed mortgage
A 20-year term can be a middle option for borrowers who can manage a higher payment than a 30-year loan but do not want the full payment burden of a 15-year mortgage. Availability varies by lender. Compare the rate and fees rather than assuming that a 20-year loan automatically offers better value.
15-year fixed mortgage
A 15-year loan normally has a higher required monthly payment because the principal is repaid faster. It often has a lower rate than a 30-year loan, but this is not guaranteed every day or for every borrower. The main benefit is less time for interest to build up. The main risk is a payment that leaves too little room for an emergency.
10-year fixed mortgage
A 10-year mortgage can reduce long-term interest sharply, but the monthly payment is much larger. It tends to work best for borrowers with strong and stable cash flow. A lower rate is not enough by itself; the payment must remain affordable after taxes, insurance, utilities and home maintenance.
4. How Mortgage Rates Change Monthly Payments
To see the effect of the rate, consider a $300,000 loan repaid over 30 years. The example below includes principal and interest only. It leaves out property taxes, homeowners insurance, mortgage insurance, HOA fees, closing costs and any discount points.
| Annual rate | Approx. principal-and-interest payment | Approx. total paid over 30 years | Approx. interest |
|---|---|---|---|
| 6.50% | $1,896 per month | About $682,600 | About $382,600 |
| 7.00% | $1,996 per month | About $718,500 | About $418,500 |
| 7.50% | $2,098 per month | About $755,200 | About $455,200 |
| 8.00% | $2,201 per month | About $792,500 | About $492,500 |
These rounded examples use standard fixed-rate amortisation. They are estimates for illustration, not lender quotes. A half-percentage-point difference may appear small, but it can change the monthly budget by about $100 on this loan size. The lifetime cost can differ by tens of thousands of dollars if the loan stays outstanding for the full term.
Try our Mortgage Calculator to estimate payments using your own loan amount, rate and term. Compare a few interest-rate scenarios before deciding what payment is comfortable.
5. What Causes Mortgage Rates to Rise or Fall?
Long-term bond yields
U.S. fixed mortgage rates often track long-term Treasury yields and the pricing of mortgage-backed securities more closely than the Federal Reserve’s overnight policy rate. Lenders also add a spread to cover servicing costs, credit risk, prepayment risk, funding costs and profit. This is why a Federal Reserve rate cut does not always make fixed mortgage rates fall on the same day.
Inflation and inflation expectations
When markets expect prices to keep rising, investors may demand higher yields on long-term bonds. Mortgage rates can rise as a result. If inflation cools and investors expect it to stay under control, bond yields may fall and create room for lower mortgage rates. The relationship is not automatic because other economic news can move markets at the same time.
Jobs and economic growth
Strong economic growth can support higher bond yields if investors believe inflation and demand will stay firm. Weak growth can put downward pressure on yields, but financial markets may also respond to government borrowing, global events and shifts in investor demand for safe assets.
Loan type and borrower profile
Your individual rate depends on the credit score used by the lender, debt-to-income ratio, down payment, property type, occupancy, loan size, loan purpose and whether you pay discount points. A quote for a 20% down primary-residence purchase is not directly comparable with a cash-out refinance on an investment property.
Supply of mortgage-backed securities and lender competition
Mortgage lenders price loans in a market where investors buy mortgage-backed securities. Changes in investor demand, market liquidity and the spread over Treasury yields may affect the rates lenders can offer. Competition between lenders can also change advertised prices even if economic news is quiet.
6. When Will Mortgage Rates Go Down?
No reliable source can promise an exact date when rates will fall. Rates can move before the Federal Reserve changes policy because bond markets react to expected inflation, economic data, government borrowing and global events. The best approach is to look at a dated forecast, understand its assumptions and avoid treating it as a guarantee.
Fannie Mae’s October 2026 housing forecast projected the 30-year fixed mortgage rate at an average of 7.4% for the fourth quarter of 2026 and 7.5% through the quarters of 2027. The forecast was based on rates available as of 30 September 2026 and was published on 12 October. That projection did not suggest a quick, steady drop from the levels at that date.
Source: Fannie Mae Housing Forecast, October 2026. Forecasts are estimates, can change, and may not match actual rates.
A different forecast may show a different path. What matters is not whether an analyst says rates will fall, but the assumptions behind the forecast: inflation, employment, Treasury yields, mortgage spreads and lender competition.
Signs that could support lower rates
- Inflation measures trend lower for several reports, not just one month.
- Long-term Treasury yields fall and remain lower.
- Mortgage-backed-security spreads narrow.
- Economic growth and labour demand cool without a new inflation shock.
- Lenders compete more aggressively for qualified borrowers.
Signs rates could stay high or rise
- Inflation stays above expectations or accelerates.
- Long-term government bond yields rise.
- Energy or geopolitical shocks increase inflation concerns.
- Mortgage investors demand a wider spread for risk.
- Strong demand and borrowing needs keep long-term yields elevated.
For homebuyers, waiting for a rate drop can help, but it can also be costly if prices rise, rent continues or a suitable property disappears. Buying now and refinancing later may work for some borrowers, but refinancing has its own fees and eligibility tests. It is risky to buy a home that is only affordable if rates fall soon.
7. How to Compare Mortgage Offers Properly
Ask at least three lenders for quotes during a short time window and compare the same loan scenario. Provide the same property price, down payment, credit information, loan term, occupancy and loan type. This makes the results more useful.
Compare the Loan Estimate, not just the headline rate
Review the interest rate, APR, points, lender fees, third-party costs, cash needed at closing and estimated monthly payment. Some costs are paid upfront, while others are built into the loan. A lower rate that requires expensive points may not be worthwhile if you plan to move or refinance before you recover the upfront cost.
Ask about a rate lock
A rate lock may protect an offered rate for an agreed period while the loan closes. Ask how long it lasts, whether a lock extension costs extra and what happens if closing is delayed. A lock is not always the lowest rate, but it can reduce uncertainty during the purchase process.
Check points and credits
Discount points are upfront fees that may lower the interest rate. Lender credits may reduce the amount paid at closing but could come with a higher rate. Compare the break-even period: how many months of payment savings are required to recover the points paid?
Look beyond payment alone
A monthly payment must leave room for property tax, homeowners insurance, possible mortgage insurance, repairs, utilities and other living expenses. A loan that fits only when nothing goes wrong may create financial stress later.
8. Mortgage Calculator: Estimate the Payment Before You Apply
A mortgage calculator can help answer practical questions: How much might I pay each month? How much interest might I pay over the full term? What happens if the rate rises by half a percentage point? How different are 15-year and 30-year payments?
Use the Easy Calculator Smart Mortgage Calculator to run your own estimate. Try more than one rate and loan term. If you know the property tax, insurance and mortgage-insurance costs, include them in your household budget even if a simple calculator does not include every expense.
The result is not a loan approval or an official lender offer. The actual payment may change with credit, down payment, loan type, points, taxes, insurance and closing details. Use the calculator as a planning tool, then ask lenders for written quotes.
9. 15-Year vs 30-Year: Which Term Makes More Sense?
The shorter term can save interest, but the larger required payment reduces monthly flexibility. The 30-year term may leave more room for saving, child care, home repairs and retirement contributions, although it usually costs more interest if held to the end. The best choice depends on the household’s full budget rather than a simple rule that one term is always better.
Some borrowers choose a 30-year loan and make extra principal payments when affordable. That can reduce the balance faster without creating a larger required payment, depending on the loan terms. However, extra payments are not guaranteed to be made every month, and homeowners should not use emergency savings simply to reduce mortgage principal.
Before choosing, compare the required payment, total interest, emergency savings, job stability and future plans. A term that looks cheap on a table may be uncomfortable in real life.
10. Common Mortgage Rate Mistakes
- Comparing rates from different dates: rates can change daily; make sure each offer is current.
- Ignoring APR and fees: headline interest does not show the full cost.
- Assuming a high credit score guarantees the best rate: property, loan type and other underwriting factors also matter.
- Waiting only for a lower rate: the right time to buy also depends on income, savings, housing costs and how long you expect to stay.
- Forgetting the all-in housing budget: taxes, insurance, maintenance and HOA fees can be significant.
- Mixing purchase and refinance rates: they may have different averages and costs.
- Using a forecast as a promise: interest-rate forecasts can be wrong.
11. Frequently Asked Questions
What are mortgage rates today for a 30-year fixed loan?
Bankrate showed a national average of 7.31% on 28 October 2026 at 6:30 a.m. ET. Freddie Mac’s weekly survey was 7.24% for the week ending 22 October. The sources use different methods, and a borrower may receive a different quote.
What are today’s 15-year mortgage rates?
Bankrate listed 6.72% for a 15-year fixed purchase mortgage on 28 October 2026. Freddie Mac’s latest weekly average was 6.60% on 29 October. Rates can change and personal offers depend on borrower details.
Are 10-year mortgage rates lower than 15-year rates?
Bankrate’s snapshot on 28 October showed a 10-year fixed rate of 6.66% and a 15-year fixed rate of 6.72%. A shorter term can have a lower rate, but availability and pricing vary. The 10-year payment is much higher because the balance is repaid sooner.
When will mortgage rates go down?
No exact date can be promised. Fannie Mae’s October 2026 forecast projected 7.4% for Q4 2026 and 7.5% during 2027 based on data available as of 30 September. Future economic data may change that outlook.
What is the difference between interest rate and APR?
The interest rate measures the cost of borrowing principal. APR includes the interest rate plus certain loan costs expressed annually. Compare both and read the loan estimate because fees and the time you keep the loan affect the true cost.
Does the Federal Reserve directly set mortgage rates?
No. The Federal Reserve sets a short-term policy rate, while long-term fixed mortgage rates are more closely linked to bond yields, mortgage-backed securities and lender spreads. Policy decisions can influence rates, but the effect is not one-to-one.
Should I choose a 15-year or 30-year mortgage?
A 15-year loan usually reduces total interest but has a higher monthly payment. A 30-year loan usually lowers the required payment but can cost more interest over time. Choose the term that fits your complete budget and emergency savings.
Can refinancing lower my payment?
It may, if the new rate and terms improve your total cost. But refinancing includes fees and qualification checks. Compare the expected savings with closing costs and calculate how long it would take to break even.
Is the rate advertised online guaranteed?
No. Advertised rates often assume particular credit, down payment, loan size, property and points. Only a lender’s written offer explains the terms available to you.
Where can I calculate my mortgage payment?
Use the Mortgage Calculator at EasyCalculatorSmart.com to test different amounts, rates and loan terms. Treat its output as an estimate, then compare official lender quotes.
12. Final Thoughts
Mortgage rates are a major part of the home-buying decision, but the best choice is not simply the lender showing the lowest number. The U.S. rate snapshots on 28 October 2026 showed a 7.31% national average for 30-year fixed loans and 6.72% for 15-year fixed loans on Bankrate. Freddie Mac’s weekly readings were close but used a different survey method.
Compare rates on the same day, ask for several written Loan Estimates, check APR and fees, and calculate the payment under more than one scenario. Do not base a purchase on the hope that rates will fall soon. Choose a loan that fits your actual budget and future plans.
Research Method and Sources
This guide uses dated U.S. mortgage-rate references available on 28 October 2026. Daily averages and weekly surveys are listed separately because they are not identical measures.
- Bankrate current mortgage rates — daily national averages as of 28 October 2026.
- Freddie Mac Primary Mortgage Market Survey — weekly 30-year and 15-year fixed-rate averages.
- Fannie Mae Housing Forecast, October 2026 — dated economic and mortgage-rate projections.
- FRED mortgage-rate series — historical 30-year fixed-rate data sourced from Freddie Mac.
- Easy Calculator Smart Mortgage Calculator — payment estimation tool.
Rates and forecasts can change after publication. Update the date and values when the article is refreshed. Market averages do not represent a guaranteed offer to any reader.
Disclaimer
This article is for general education only and is not financial, mortgage, tax or legal advice. Mortgage rates, lender offers and approval rules can change. The rate you receive depends on your circumstances, and this article does not guarantee that any displayed rate is available to you.
Payment examples are estimates and may exclude taxes, insurance, mortgage insurance, HOA fees and closing costs. Review written Loan Estimates, read the terms carefully, and seek help from a qualified mortgage or financial professional when needed. Sources and rates were checked on 28 October 2026; verify the latest values before making a decision.
