Mortgage Rates Today 2026: U.S. 30-Year Rate Jumps to 7.28% — Buy or Wait?
U.S. Mortgage Rates Hit 7.28%: What Homebuyers Should Do Now as Borrowing Costs Reach a Nearly 3-Year High United States | October 3, 2026 Buying a home in the United States just became more expensive again. The average rate on a 30-year fixed mortgage jumped to 7.28% as of October 1 , up sharply from 7.03% a week earlier, according to Freddie Mac. That is the highest level in nearly three years and the biggest weekly increase in roughly four years. The average 15-year fixed mortgage now stands at about 6.60% . For homebuyers already struggling with high property prices, the latest move creates a difficult combination: home prices remain elevated + mortgage rates are above 7% + monthly payments are rising. At the same time, the U.S. labor market has suddenly weakened. September payroll growth came in at only around 29,000 jobs, reducing expectations that the Federal Reserve will raise rates again at its October meeting. Some investors now see a December move as more likely if inf...