Freddie Mac's 30-year mortgage rate hits 7.28%, the run's highest
As seen on the 24/7 Wall St. homepage on October 1, 2026.
Freddie Mac's 30-year fixed just hit 7.28%, the highest level in this run after a one-week jump of 25 basis points. Buyers lose purchasing power immediately, and sellers already cutting prices will have to cut deeper.
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The latest Freddie Mac survey puts the 30-year fixed rate at 7.28%, the highest reading in the current run after a steady climb.
For prospective buyers, the arithmetic is immediate and unforgiving. Every uptick in the rate shrinks the pool of homes a borrower can afford at a given monthly payment, and a move of this size in one week is large enough to push some buyers out of price brackets they had budgeted around.
Sellers are caught in the same squeeze from the other side. Those who have already reduced asking prices to attract buyers now face a smaller and more cautious buyer pool, which tends to force further reductions to keep deals from falling apart before closing.
A reading above 7% signals slower housing market activity overall. Transactions slow when rates rise sharply, because both buyers who need financing and existing homeowners sitting on lower locked-in rates have strong reasons to stay on the sidelines.