Rate Watch: 30-Year Fixed Rises to 7.28%

The average 30-year fixed mortgage rate is now 7.28%, according to Freddie Mac’s weekly national survey for October 1, 2026. That is up a quarter point from 7.03% a week ago, so buyers are facing higher rates this week.

Rates at a glance

• 30-year fixed: 7.28% (week ago 7.03%), October 1, 2026, Freddie Mac.
• 15-year fixed: 6.60%, October 1, 2026, Freddie Mac.
• Daily 30-year (Optimal Blue): 7.39%, September 30, 2026.
• 10-year Treasury: 5.29%, September 30, 2026, US Treasury.

What Rate Brain says

• Rate Brain’s October 1 call is to lock. In plain words, it favors securing a rate rather than waiting for a better one. If you are ready to move ahead, ask your lender about locking your rate.
• It puts the chance of rates rising at 55%, compared with a 12% chance of falling. That points more toward higher rates than lower ones. It is a reason for caution about waiting, not a promise about what comes next.
• The latest October 1 interest rate market odds put an October Fed hike at 26% and a December hike at 78%. Betting market odds are 25.5% and 73%. Both put a December hike as more likely than an October hike.

What Ed and Mike said

On the September 29 show, Ed and Mike favored locking because they saw more risk of rates getting worse than better. They also said fewer buyers were writing offers, giving buyers more room to negotiate. Their message was to pay attention to both sides: higher rates make buying harder, but less competition may help when making an offer.

What this means for you

• Buyers: Focus on the payment you can handle. Ask about locking if you are ready to buy. Also ask where you have room to negotiate. Ed and Mike’s point was that fewer competing buyers can give you leverage.
• Owners thinking of refinancing: Ask for a current quote before deciding. Compare it with what you pay now. Rate Brain favors locking, so do not build your plan around the hope that a lower rate is coming soon.
• Sellers: Keep the buyer’s payment in mind when weighing an offer. Ed and Mike described fewer buyers writing offers. Be ready to discuss terms, rather than counting on heavy competition to do the work for you.