How Much House Can I Afford in 2026? Income Needed at 7.28% Mortgage Rates
How Much House Can You Afford in 2026? Income Needed at Today’s Mortgage Rates — With $250K to $1M Home Price Table United States | October 7, 2026 A $400,000 home does not cost a buyer what it did when mortgage rates were near 6%. And a $500,000 mortgage approval does not necessarily mean a household can comfortably afford a $500,000 house. With U.S. mortgage rates back above 7%, the amount of income needed to buy a home has become one of the most important calculations for buyers in 2026. The latest Freddie Mac Primary Mortgage Market Survey available as of October 7 puts the average 30-year fixed mortgage rate at 7.28% , up from 7.03% a week earlier. The average 15-year fixed rate is 6.60%. Mortgage Bankers Association data tells a similar story. Its latest published weekly survey put the average contract rate for a conforming 30-year mortgage at 7.30% , while mortgage applications fell 6% from the previous week. For buyers, the practical question is no longer simply: “What ho...