Mortgage Rates Stay Above 7%: 30-Year Fixed at 7.18%
The 30-year fixed has been above 7% for seven straight weeks, peaking at 7.40% in October. At 7.18%, a $400,000 loan costs $317 a month more than February's low.
The average 30-year fixed mortgage rate was 7.18% in Freddie Mac’s survey released November 5, 2026 — the seventh week in a row above 7%. Rates peaked at 7.40% in mid-October, the highest since November 2023, and have edged down for three straight weeks. On a $400,000 loan, today’s rate still costs about $317 a month more in principal and interest than February’s 5.98% low. See the live numbers on our mortgage rates page; here is how rates got here and what it costs.
What happened
Rates climbed through the summer, crossed 7% in late September and kept rising into October. Freddie Mac’s Primary Mortgage Market Survey shows the 30-year fixed at:
- 7.03% on September 24 — the first reading above 7% since January 2025
- 7.28% on October 1
- 7.40% on October 8 and October 15 — the 2026 high, and the highest since 7.44% on November 16, 2023
- 7.32% on October 22, 7.24% on October 29 and 7.18% on November 5
The 2026 low was 5.98% on February 26, so even after the recent dip the 30-year rate is 1.20 percentage points higher than in February. A year ago it stood at 6.22%. The 15-year fixed followed the same path: it peaked at 6.73% on October 8 and averaged 6.57% this week, up from 5.50% a year earlier.
The driver is the bond market. The 10-year Treasury yield — the benchmark mortgage rates track — averaged 5.24% in the week of October 1 and has since fallen to 4.84%, which is why mortgage rates are drifting lower. It is still well above 4.17% a year ago. The 30-year mortgage rate sits a little more than two percentage points above it, a typical lender spread. For the mechanics, see how mortgage rates are set.
What 7.18% costs, in dollars
Monthly principal and interest on a 30-year fixed loan, at today’s average versus the year’s low, a year ago and October’s peak:
| Loan amount | At 5.98% (Feb. low) | At 6.22% (year ago) | At 7.40% (Oct. peak) | At 7.18% (today) | Change vs. Feb. low |
|---|---|---|---|---|---|
| $300,000 | $1,795 | $1,841 | $2,077 | $2,032 | +$238/mo |
| $400,000 | $2,393 | $2,455 | $2,770 | $2,710 | +$317/mo |
| $500,000 | $2,991 | $3,069 | $3,462 | $3,387 | +$396/mo |
The three-week dip from the peak is worth about $45 to $75 a month on those loans. The move since February still adds about $2,856 to $4,752 a year in payments — before property tax, insurance and any PMI, which don’t change with the rate. Run your exact numbers, including taxes and insurance, in the mortgage calculator.
What it means if you’re buying or borrowing
Your budget buys less house. At a higher rate, the same monthly payment supports a smaller loan. If you set a price range when rates were near 6%, rerun it in the home affordability calculator before you shop.
A shorter term softens the rate. The 15-year fixed is averaging 0.61 percentage points below the 30-year. On $400,000 that’s about $3,500 a month versus $2,710 — a much bigger payment, but far less total interest. Compare both in the 15 vs. 30-year calculator.
Points can buy the rate down — at a price. One discount point (1% of the loan) typically trims about a quarter of a percentage point. Dropping from 7.18% to 6.93% on $400,000 saves roughly $67 a month, so a $4,000 point takes about 60 months to pay back. Whether that’s worth it depends on how long you’ll keep the loan — check the mortgage points calculator.
Lock when the numbers work. A rate lock holds your quote while the loan closes. Rates have eased three weeks running, but that is a trend so far, not a promise — if today’s payment fits, the price of waiting can be measured in dollars a month either way.
Quotes vary more than averages. Freddie Mac’s figure assumes strong credit and 20% down. Your own rate depends on your score, down payment and lender, so comparing at least three Loan Estimates still matters more than the weekly headline — see how to compare mortgage lender offers.
Methodology
Rates are Freddie Mac’s weekly Primary Mortgage Market Survey averages, read from the Federal Reserve Bank of St. Louis (FRED) series; the “highest since” and “first since” comparisons are computed from the full weekly history. The Treasury yield is the 10-year constant-maturity rate, averaged by week. Payments are standard fixed-rate amortization of principal and interest, rounded to the dollar.
Sources
Frequently asked
Are mortgage rates above 7% right now?
Yes. Freddie Mac's weekly survey put the average 30-year fixed rate at 7.18% on November 5, 2026 — the seventh straight week above 7%.
It peaked at 7.40% on October 8 and 15, the highest since November 2023, and has eased for three weeks since. The 15-year fixed averaged 6.57%.
How much more does a mortgage cost at 7.18% than at 6%?
On a $400,000, 30-year loan, principal and interest is about $2,710 a month at 7.18% versus $2,393 at February's 5.98% low — roughly $317 a month, or $3,804 a year, more. On a $300,000 loan the gap is about $238 a month.
Should I wait for mortgage rates to fall before buying?
No one can reliably time rates — they move with the bond market, which can turn either way. What you can control is whether the payment fits your budget at today's rate.
If it does, a lower rate later is an option to refinance, not a promise. If it doesn't, a larger down payment, a 15-year term or points change the math more than waiting.
This article is for general educational purposes and is not financial advice. Confirm specifics with a licensed lender or advisor.