Montezuma MortgageGet your Mortgage Plan

A short lesson, updated weekly

Mortgage rates this week, and what they mean for you

Most people start with one question: where are rates? This page starts there and goes one step at a time, from this week's averages to what moves them and when you can lock. Each step has one chart or tool and what it means for you.

Updated October 27, 2026
Rates change daily.

  • 30-year fixed

    7.32%

    down 0.08 from last weekup 1.13 from a year ago

    Freddie Mac average, Oct 22, 2026

  • 15-year fixed

    6.68%

    down 0.03 from last weekup 1.24 from a year ago

    Freddie Mac average, Oct 22, 2026

  • 10-year Treasury

    5.00%

    down 0.15 from a week earlier

    Daily yield, Oct 26, 2026

  • The spread

    2.25 pts

    10-year average 2.08 pts

    30-year minus the 10-year weekly average, Oct 22, 2026

  • Fed funds target

    3.75–4.00%

    In effect since Sep 17, 2026

    Federal Reserve, as of Oct 27, 2026

  • Inflation (CPI)

    3.7%

    up 0.4 from the month before

    12 months to September 2026, seasonally adjusted

  • Unemployment

    4.2%

    up 0.1 from the month before

    September 2026

  • Jobs added

    +29k

    12-month average +41k

    September 2026

These figures are from the weekly update on October 27, 2026. Each tile shows the date of its figure.

Step 1 of 7

Where rates are this week

Every Thursday, Freddie Mac publishes national averages drawn from the mortgage applications lenders send it: conventional 30-year and 15-year fixed-rate loans to buy a home, for borrowers with credit scores of 740 or higher who put 20 percent down. The chart shows those averages over time; point to it, tap it or use the slider to look back at any week. These are national averages, not an offer and not our rates.

30-year fixed15-year fixed

Time range

As of October 22, 2026, the 30-year average was 7.32% and the 15-year was 6.68%.

Past 52 weeks
5.98% to 7.40%
10-year average
5.00%
Lowest since 1971
2.65% Jan 7, 2021
Highest since 1971
18.63% Oct 9, 1981

Step 2 of 7

What a change in rate does to a payment

A rate is the price of borrowing, and over a long loan small changes add up. The tool starts from an example loan and an example rate, not an offer. Move the handle to see what a quarter point, or a full point, does to principal and interest.

Step 3 of 7

What moves mortgage rates: the bond market

Most mortgages are pooled into mortgage-backed securities and sold to investors, and most of those securities are guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. They compete with Treasuries for the same investors, and the 10-year Treasury is the usual benchmark because most mortgages are paid off or refinanced long before 30 years. When Treasury yields rise, mortgage rates tend to rise with them, and when yields fall, mortgage rates tend to follow. The gap between the two, the spread, widens and narrows with the market.

Latest spread, Oct 22, 2026
2.25 pts
10-year average
2.08 pts
10-year range
1.29 to 3.13 pts

30-year average10-year Treasury, weekly averageThe spread

October 22, 2026

  • 30-year average 7.32% Freddie Mac weekly average, released Oct 22, 2026
  • 10-year Treasury 5.07% Federal Reserve H.15, average of the week ending Oct 23, 2026
  • The spread 2.25 points The 30-year average minus that 10-year weekly average

Point to the chart or tap it to read any week. Or select the chart and use the arrow keys.

October 22, 2026. 30-year average: 7.32%, Freddie Mac weekly average, released Oct 22, 2026. 10-year Treasury: 5.07%, Federal Reserve H.15, average of the week ending Oct 23, 2026. The spread: 2.25 points, The 30-year average minus that 10-year weekly average.

Show the figures as a table
The 30-year average, the 10-year Treasury weekly average and the spread, the last week of each month, newest first. Percent; the spread in percentage points.
Date30-year average10-year TreasuryThe spread
Oct 22, 20267.32%5.07%2.25 points
Sep 24, 20267.03%5.08%1.95 points
Aug 27, 20266.66%4.68%1.98 points
Jul 30, 20266.66%4.67%1.99 points
Jun 25, 20266.49%4.44%2.05 points
May 28, 20266.53%4.47%2.06 points
Apr 30, 20266.30%4.38%1.92 points
Mar 26, 20266.38%4.38%2.00 points
Feb 26, 20265.98%4.02%1.96 points
Jan 29, 20266.10%4.24%1.86 points
Dec 31, 20256.15%4.16%1.99 points
Nov 26, 20256.23%4.02%2.21 points
Oct 30, 20256.17%4.06%2.11 points
Sep 25, 20256.30%4.16%2.14 points
Aug 28, 20256.56%4.25%2.31 points
Jul 31, 20256.72%4.35%2.37 points
Jun 26, 20256.77%4.30%2.47 points
May 29, 20256.89%4.44%2.45 points
Apr 24, 20256.81%4.37%2.44 points
Mar 27, 20256.65%4.33%2.32 points
Feb 27, 20256.76%4.30%2.46 points
Jan 30, 20256.95%4.55%2.40 points
Dec 26, 20246.85%4.60%2.25 points
Nov 27, 20246.81%4.25%2.56 points
Oct 31, 20246.72%4.30%2.42 points
Sep 26, 20246.08%3.76%2.32 points
Aug 29, 20246.35%3.85%2.50 points
Jul 25, 20246.78%4.25%2.53 points
Jun 27, 20246.86%4.29%2.57 points
May 30, 20247.03%4.55%2.48 points
Apr 25, 20247.17%4.65%2.52 points
Mar 28, 20246.79%4.22%2.57 points
Feb 29, 20246.94%4.26%2.68 points
Jan 25, 20246.69%4.14%2.55 points
Dec 28, 20236.61%3.85%2.76 points
Nov 30, 20237.22%4.32%2.90 points
Oct 26, 20237.79%4.87%2.92 points
Sep 28, 20237.31%4.58%2.73 points
Aug 31, 20237.18%4.14%3.04 points
Jul 27, 20236.81%3.92%2.89 points
Jun 29, 20236.71%3.77%2.94 points
May 25, 20236.57%3.76%2.81 points
Apr 27, 20236.43%3.46%2.97 points
Mar 30, 20236.32%3.54%2.78 points
Feb 23, 20236.50%3.93%2.57 points
Jan 26, 20236.13%3.49%2.64 points
Dec 29, 20226.42%3.86%2.56 points
Nov 23, 20226.58%3.75%2.83 points
Oct 27, 20227.08%4.07%3.01 points
Sep 29, 20226.70%3.83%2.87 points
Aug 25, 20225.55%3.05%2.50 points
Jul 28, 20225.30%2.75%2.55 points
Jun 30, 20225.70%3.07%2.63 points
May 26, 20225.10%2.77%2.33 points
Apr 28, 20225.10%2.83%2.27 points
Mar 31, 20224.67%2.39%2.28 points
Feb 24, 20223.89%1.97%1.92 points
Jan 27, 20223.55%1.79%1.76 points
Dec 30, 20213.11%1.51%1.60 points
Nov 24, 20213.10%1.61%1.49 points
Oct 28, 20213.14%1.59%1.55 points
Sep 30, 20213.01%1.51%1.50 points
Aug 26, 20212.87%1.31%1.56 points
Jul 29, 20212.80%1.26%1.54 points
Jun 24, 20213.02%1.50%1.52 points
May 27, 20212.95%1.59%1.36 points
Apr 29, 20212.98%1.63%1.35 points
Mar 25, 20213.17%1.65%1.52 points
Feb 25, 20212.97%1.42%1.55 points
Jan 28, 20212.73%1.06%1.67 points
Dec 31, 20202.67%0.94%1.73 points
Nov 25, 20202.72%0.87%1.85 points
Oct 29, 20202.81%0.82%1.99 points
Sep 24, 20202.90%0.67%2.23 points
Aug 27, 20202.91%0.70%2.21 points
Jul 30, 20202.99%0.58%2.41 points
Jun 25, 20203.13%0.69%2.44 points
May 28, 20203.15%0.68%2.47 points
Apr 30, 20203.23%0.64%2.59 points
Mar 26, 20203.50%0.81%2.69 points
Feb 27, 20203.45%1.29%2.16 points
Jan 30, 20203.51%1.59%1.92 points
Dec 26, 20193.74%1.90%1.84 points
Nov 27, 20193.68%1.76%1.92 points
Oct 31, 20193.78%1.78%2.00 points
Sep 26, 20193.64%1.70%1.94 points
Aug 29, 20193.58%1.50%2.08 points
Jul 25, 20193.75%2.07%1.68 points
Jun 27, 20193.73%2.02%1.71 points
May 30, 20193.99%2.22%1.77 points
Apr 25, 20194.20%2.55%1.65 points
Mar 28, 20194.06%2.41%1.65 points
Feb 28, 20194.35%2.70%1.65 points
Jan 31, 20194.46%2.70%1.76 points
Dec 27, 20184.55%2.76%1.79 points
Nov 29, 20184.81%3.05%1.76 points
Oct 25, 20184.86%3.14%1.72 points
Sep 27, 20184.72%3.07%1.65 points
Aug 30, 20184.52%2.87%1.65 points
Jul 26, 20184.54%2.96%1.58 points
Jun 28, 20184.55%2.85%1.70 points
May 31, 20184.56%2.83%1.73 points
Apr 26, 20184.58%2.99%1.59 points
Mar 29, 20184.44%2.79%1.65 points
Feb 22, 20184.40%2.91%1.49 points
Jan 25, 20184.15%2.65%1.50 points
Dec 28, 20173.99%2.43%1.56 points
Nov 30, 20173.90%2.36%1.54 points
Oct 26, 20173.94%2.42%1.52 points
Sep 28, 20173.83%2.28%1.55 points
Aug 31, 20173.82%2.14%1.68 points
Jul 27, 20173.92%2.30%1.62 points
Jun 29, 20173.88%2.23%1.65 points
May 25, 20173.95%2.26%1.69 points
Apr 27, 20174.03%2.31%1.72 points
Mar 30, 20174.14%2.40%1.74 points
Feb 23, 20174.16%2.39%1.77 points
Jan 26, 20174.19%2.48%1.71 points
Dec 29, 20164.32%2.51%1.81 points
Nov 23, 20164.03%2.34%1.69 points
Oct 27, 20163.47%1.81%1.66 points

Step 4 of 7

The Fed, inflation and jobs

Reports on prices and jobs can move the bond market, and the bond market tends to move mortgage rates. Numbers stronger than markets expected tend to push rates up, and weaker numbers tend to pull them down. Tend to, not always: other news moves rates too, in either direction.

Inflation

3.7% Consumer prices (CPI), 12 months to September 2026, seasonally adjusted. Without food and energy: 2.6%.

All itemsWithout food and energy

September 2026

  • All items 3.7% Change over 12 months, seasonally adjusted index, monthly (BLS)
  • Without food and energy 2.6% Change over 12 months, seasonally adjusted index, monthly (BLS)

Point to the chart or tap it to read any month. Or select the chart and use the arrow keys.

September 2026. All items: 3.7%, Change over 12 months, seasonally adjusted index, monthly (BLS). Without food and energy: 2.6%, Change over 12 months, seasonally adjusted index, monthly (BLS).

Show the figures as a table
Inflation: the 12-month change in the Consumer Price Index, seasonally adjusted, by month, newest first. Percent.
MonthAll itemsWithout food and energy
September 20263.7%2.6%
August 20263.4%2.4%
July 20263.3%2.5%
June 20263.5%2.6%
May 20264.2%2.8%
April 20263.8%2.7%
March 20263.3%2.6%
February 20262.4%2.5%
January 20262.4%2.5%
December 20252.7%2.6%
November 20252.7%2.6%
September 20253.0%3.0%
August 20252.9%3.1%
July 20252.7%3.1%
June 20252.7%2.9%
May 20252.4%2.8%
April 20252.3%2.8%
March 20252.4%2.8%
February 20252.8%3.1%
January 20253.0%3.3%
December 20242.9%3.2%
November 20242.7%3.3%
October 20242.6%3.3%
September 20242.4%3.3%
August 20242.6%3.3%
July 20242.9%3.2%
June 20243.0%3.3%
May 20243.2%3.4%
April 20243.4%3.6%
March 20243.5%3.8%
February 20243.2%3.8%
January 20243.1%3.9%
December 20233.3%3.9%
November 20233.1%4.0%
October 20233.3%4.0%
September 20233.7%4.1%
August 20233.7%4.4%
July 20233.3%4.7%
June 20233.1%4.9%
May 20234.1%5.3%
April 20235.0%5.5%
March 20234.9%5.6%
February 20236.0%5.5%
January 20236.3%5.5%
December 20226.4%5.7%
November 20227.1%6.0%
October 20227.8%6.3%
September 20228.2%6.6%
August 20228.2%6.3%
July 20228.5%5.9%
June 20229.0%5.9%
May 20228.5%6.0%
April 20228.2%6.2%
March 20228.6%6.5%
February 20227.9%6.5%
January 20227.6%6.1%
December 20217.2%5.5%
November 20216.9%5.0%
October 20216.2%4.6%
September 20215.4%4.0%
August 20215.2%3.9%
July 20215.2%4.2%
June 20215.3%4.4%
May 20214.9%3.8%
April 20214.1%3.0%
March 20212.7%1.6%
February 20211.7%1.3%
January 20211.4%1.4%
December 20201.3%1.6%
November 20201.2%1.7%
October 20201.2%1.6%
September 20201.4%1.7%
August 20201.3%1.7%
July 20201.0%1.6%
June 20200.7%1.2%
May 20200.2%1.2%
April 20200.3%1.4%
March 20201.5%2.1%
February 20202.3%2.4%
January 20202.6%2.3%
December 20192.3%2.3%
November 20192.1%2.4%
October 20191.7%2.3%
September 20191.7%2.3%
August 20191.7%2.3%
July 20191.8%2.2%
June 20191.7%2.1%
May 20191.8%2.0%
April 20192.0%2.1%
March 20191.9%2.1%
February 20191.5%2.1%
January 20191.5%2.2%
December 20182.0%2.2%
November 20182.1%2.2%
October 20182.5%2.1%
September 20182.3%2.2%
August 20182.6%2.1%
July 20182.9%2.3%
June 20182.8%2.2%
May 20182.8%2.3%
April 20182.5%2.2%
March 20182.3%2.1%
February 20182.3%1.9%
January 20182.2%1.9%
December 20172.1%1.8%
November 20172.2%1.7%
October 20172.0%1.8%
September 20172.2%1.6%
August 20171.9%1.7%
July 20171.7%1.7%
June 20171.6%1.7%
May 20171.9%1.7%
April 20172.2%1.9%
March 20172.4%2.0%
February 20172.8%2.2%
January 20172.5%2.3%
December 20162.1%2.2%
November 20161.7%2.1%
October 20161.7%2.2%
September 20161.5%2.3%

Higher inflation, or the expectation of it, tends to push rates up, because investors want a return above it.

Jobs added each month

+29k September 2026. Past 12 months: 41k a month on average.

September 2026

  • Jobs added +29k Change in nonfarm payroll jobs from the month before, seasonally adjusted (BLS); revised in the next two reports

Point to the chart or tap it to read any month. Or select the chart and use the arrow keys.

September 2026. Jobs added: +29k, Change in nonfarm payroll jobs from the month before, seasonally adjusted (BLS); revised in the next two reports.

Show the figures as a table
Payroll jobs added each month, in thousands, newest first.
MonthJobs added
September 2026+29k
August 2026+133k
July 2026−10k
June 2026+31k
May 2026+63k
April 2026+148k
March 2026+214k
February 2026−156k
January 2026+160k
December 2025−17k
November 2025+41k
October 2025−140k
September 2025+76k
August 2025−70k
July 2025+64k
June 2025−20k
May 2025+13k
April 2025+108k
March 2025+67k
February 2025+42k
January 2025−48k
December 2024+237k
November 2024+134k
October 2024+33k
September 2024+155k
August 2024+9k
July 2024+53k
June 2024+87k
May 2024+78k
April 2024+64k
March 2024+228k
February 2024+206k
January 2024+175k
December 2023+154k
November 2023+127k
October 2023+159k

Strong hiring tends to push rates up, and weak hiring tends to pull them down. Each month's figure is revised in the next two reports and again in a yearly benchmark.

Unemployment

4.2% September 2026, up 0.1 points from the month before.

September 2026

  • Unemployment rate 4.2% Monthly, seasonally adjusted (BLS)

Point to the chart or tap it to read any month. Or select the chart and use the arrow keys.

September 2026. Unemployment rate: 4.2%, Monthly, seasonally adjusted (BLS).

Show the figures as a table
The unemployment rate by month, seasonally adjusted, newest first. Percent.
MonthUnemployment rate
September 20264.2%
August 20264.1%
July 20264.1%
June 20264.2%
May 20264.3%
April 20264.3%
March 20264.3%
February 20264.4%
January 20264.3%
December 20254.4%
November 20254.5%
September 20254.4%
August 20254.3%
July 20254.3%
June 20254.1%
May 20254.3%
April 20254.2%
March 20254.2%
February 20254.2%
January 20254.0%
December 20244.1%
November 20244.2%
October 20244.1%
September 20244.1%
August 20244.2%
July 20244.2%
June 20244.1%
May 20243.9%
April 20243.9%
March 20243.9%
February 20243.9%
January 20243.7%
December 20233.8%
November 20233.7%
October 20233.9%
September 20233.7%
August 20233.7%
July 20233.5%
June 20233.6%
May 20233.6%
April 20233.4%
March 20233.5%
February 20233.6%
January 20233.5%
December 20223.5%
November 20223.6%
October 20223.6%
September 20223.5%
August 20223.6%
July 20223.5%
June 20223.6%
May 20223.6%
April 20223.7%
March 20223.7%
February 20223.9%
January 20224.0%
December 20213.9%
November 20214.1%
October 20214.5%
September 20214.7%
August 20215.1%
July 20215.4%
June 20215.9%
May 20215.8%
April 20216.1%
March 20216.1%
February 20216.2%
January 20216.4%
December 20206.7%
November 20206.7%
October 20206.9%
September 20207.8%
August 20208.4%
July 202010.2%
June 202011.0%
May 202013.2%
April 202014.8%
March 20204.4%
February 20203.5%
January 20203.6%
December 20193.6%
November 20193.6%
October 20193.6%
September 20193.5%
August 20193.6%
July 20193.7%
June 20193.6%
May 20193.6%
April 20193.7%
March 20193.8%
February 20193.8%
January 20194.0%
December 20183.9%
November 20183.8%
October 20183.8%
September 20183.7%
August 20183.8%
July 20183.8%
June 20184.0%
May 20183.8%
April 20184.0%
March 20184.0%
February 20184.1%
January 20184.0%
December 20174.1%
November 20174.2%
October 20174.2%
September 20174.3%
August 20174.4%
July 20174.3%
June 20174.3%
May 20174.4%
April 20174.4%
March 20174.4%
February 20174.6%
January 20174.7%
December 20164.7%
November 20164.7%
October 20164.9%
September 20165.0%

Rising unemployment tends to pull rates down, and falling unemployment tends to push them up.

The Fed's rate and mortgage rates

3.75–4.00% The federal funds target range, in effect since September 17, 2026.

30-year averageEffective fed funds rate, monthly average

October 2026

  • 30-year average 7.32% Freddie Mac, the last weekly average of the month, released Oct 22, 2026
  • Effective federal funds rate Not published yet Federal Reserve H.15, average of the month

Point to the chart or tap it to read any month. Or select the chart and use the arrow keys.

October 2026. 30-year average: 7.32%, Freddie Mac, the last weekly average of the month, released Oct 22, 2026. Effective federal funds rate: not published yet, Federal Reserve H.15, average of the month.

Show the figures as a table
The 30-year average (the last weekly figure of each month) and the effective federal funds rate (the average of each month), newest first. Percent.
Month30-year averageEffective federal funds rate
October 20267.32%n/a
September 20267.03%3.75%
August 20266.66%3.63%
July 20266.66%3.63%
June 20266.49%3.63%
May 20266.53%3.63%
April 20266.30%3.64%
March 20266.38%3.64%
February 20265.98%3.64%
January 20266.10%3.64%
December 20256.15%3.72%
November 20256.23%3.88%
October 20256.17%4.09%
September 20256.30%4.22%
August 20256.56%4.33%
July 20256.72%4.33%
June 20256.77%4.33%
May 20256.89%4.33%
April 20256.81%4.33%
March 20256.65%4.33%
February 20256.76%4.33%
January 20256.95%4.33%
December 20246.85%4.48%
November 20246.81%4.64%
October 20246.72%4.83%
September 20246.08%5.13%
August 20246.35%5.33%
July 20246.78%5.33%
June 20246.86%5.33%
May 20247.03%5.33%
April 20247.17%5.33%
March 20246.79%5.33%
February 20246.94%5.33%
January 20246.69%5.33%
December 20236.61%5.33%
November 20237.22%5.33%
October 20237.79%5.33%
September 20237.31%5.33%
August 20237.18%5.33%
July 20236.81%5.12%
June 20236.71%5.08%
May 20236.57%5.06%
April 20236.43%4.83%
March 20236.32%4.65%
February 20236.50%4.57%
January 20236.13%4.33%
December 20226.42%4.10%
November 20226.58%3.78%
October 20227.08%3.08%
September 20226.70%2.56%
August 20225.55%2.33%
July 20225.30%1.68%
June 20225.70%1.21%
May 20225.10%0.77%
April 20225.10%0.33%
March 20224.67%0.20%
February 20223.89%0.08%
January 20223.55%0.08%
December 20213.11%0.08%
November 20213.10%0.08%
October 20213.14%0.08%
September 20213.01%0.08%
August 20212.87%0.09%
July 20212.80%0.10%
June 20213.02%0.08%
May 20212.95%0.06%
April 20212.98%0.07%
March 20213.17%0.07%
February 20212.97%0.08%
January 20212.73%0.09%
December 20202.67%0.09%
November 20202.72%0.09%
October 20202.81%0.09%
September 20202.90%0.09%
August 20202.91%0.10%
July 20202.99%0.09%
June 20203.13%0.08%
May 20203.15%0.05%
April 20203.23%0.05%
March 20203.50%0.65%
February 20203.45%1.58%
January 20203.51%1.55%
December 20193.74%1.55%
November 20193.68%1.55%
October 20193.78%1.83%
September 20193.64%2.04%
August 20193.58%2.13%
July 20193.75%2.40%
June 20193.73%2.38%
May 20193.99%2.39%
April 20194.20%2.42%
March 20194.06%2.41%
February 20194.35%2.40%
January 20194.46%2.40%
December 20184.55%2.27%
November 20184.81%2.20%
October 20184.86%2.19%
September 20184.72%1.95%
August 20184.52%1.91%
July 20184.54%1.91%
June 20184.55%1.82%
May 20184.56%1.70%
April 20184.58%1.69%
March 20184.44%1.51%
February 20184.40%1.42%
January 20184.15%1.41%
December 20173.99%1.30%
November 20173.90%1.16%
October 20173.94%1.15%
September 20173.83%1.15%
August 20173.82%1.16%
July 20173.92%1.15%
June 20173.88%1.04%
May 20173.95%0.91%
April 20174.03%0.90%
March 20174.14%0.79%
February 20174.16%0.66%
January 20174.19%0.65%
December 20164.32%0.54%
November 20164.03%0.41%
October 20163.47%0.40%

The Federal Open Market Committee sets a target range for the federal funds rate, an overnight rate between banks. Mortgage rates tend to follow longer-term bond yields, so the two can move in different directions.

Step 5 of 7

Colorado home prices and your plan

How much home prices changed from the same quarter a year earlier, from the Federal Housing Finance Agency's all-transactions index. It follows sales and refinance appraisals of the same single-family homes, with mortgages bought or guaranteed by Fannie Mae and Freddie Mac, and is published quarterly.

Colorado, Q2 2026
+0.2%
United States, Q2 2026
+3.0%

ColoradoUnited States

Q2 2026, April to June

  • Colorado +0.2% Change from a year earlier, quarterly (FHFA)
  • United States +3.0% Change from a year earlier, quarterly (FHFA)

Point to the chart or tap it to read any quarter. Or select the chart and use the arrow keys.

Q2 2026, April to June. Colorado: +0.2%, Change from a year earlier, quarterly (FHFA). United States: +3.0%, Change from a year earlier, quarterly (FHFA).

Show the figures as a table
Home price change from the same quarter a year earlier, FHFA all-transactions index, newest first. Percent.
QuarterColoradoUnited States
Q2 2026+0.2%+3.0%
Q1 2026+0.9%+3.5%
Q4 2025+1.4%+3.5%
Q3 2025+0.8%+3.4%
Q2 2025+1.2%+3.8%
Q1 2025+2.0%+4.7%
Q4 2024+3.5%+5.4%
Q3 2024+2.4%+4.9%
Q2 2024+2.0%+5.5%
Q1 2024+3.0%+6.1%
Q4 2023+1.7%+5.2%
Q3 2023+0.3%+4.1%
Q2 2023−0.7%+4.0%
Q1 2023+4.0%+7.5%
Q4 2022+7.9%+10.8%
Q3 2022+13.8%+15.8%
Q2 2022+21.8%+20.4%
Q1 2022+21.5%+19.4%
Q4 2021+19.9%+18.0%
Q3 2021+19.0%+16.6%
Q2 2021+14.1%+12.4%
Q1 2021+7.7%+7.6%
Q4 2020+6.0%+6.3%
Q3 2020+4.8%+4.9%
Q2 2020+4.1%+4.4%
Q1 2020+4.5%+5.1%
Q4 2019+4.8%+5.1%
Q3 2019+4.2%+4.5%
Q2 2019+4.9%+4.4%
Q1 2019+5.9%+4.6%
Q4 2018+7.2%+4.9%
Q3 2018+8.4%+5.4%
Q2 2018+8.5%+5.7%
Q1 2018+9.5%+6.1%
Q4 2017+8.4%+5.4%
Q3 2017+8.5%+5.3%
Q2 2017+9.6%+5.6%
Q1 2017+9.7%+5.2%
Q4 2016+9.8%+5.4%
Q3 2016+9.7%+5.5%
Q2 2016+10.7%+5.1%
Q1 2016+11.3%+4.8%
Q4 2015+11.5%+5.0%
Q3 2015+11.6%+5.0%
Q2 2015+10.1%+5.1%
Q1 2015+9.3%+5.4%
Q4 2014+8.8%+5.1%
Q3 2014+8.1%+5.1%
Q2 2014+8.3%+5.0%
Q1 2014+6.8%+4.6%
Q4 2013+6.6%+4.3%
Q3 2013+6.7%+4.3%
Q2 2013+5.9%+4.2%
Q1 2013+4.1%+2.2%
Q4 2012+2.3%+0.6%
Q3 2012+2.3%+0.3%
Q2 2012+1.7%−0.3%
Q1 2012−0.4%−1.6%
Q4 2011−2.4%−3.3%
Q3 2011−3.8%−4.5%
Q2 2011−3.5%−4.3%
Q1 2011−2.9%−3.4%
Q4 2010−1.6%−1.8%
Q3 2010−1.3%−1.9%
Q2 2010−4.9%−5.4%
Q1 2010−5.3%−7.0%
Q4 2009−2.4%−5.2%
Q3 2009−1.9%−5.3%
Q2 2009−1.5%−5.9%
Q1 2009−0.5%−5.8%
Q4 2008−1.8%−7.2%
Q3 2008−1.8%−6.6%
Q2 2008−0.4%−4.6%
Q1 2008+0.4%−2.2%
Q4 2007+0.2%−1.1%
Q3 2007+0.8%+0.2%
Q2 2007+2.0%+2.2%
Q1 2007+2.2%+3.3%
Q4 2006+2.2%+4.5%
Q3 2006+2.3%+5.8%
Q2 2006+3.4%+8.1%
Q1 2006+4.4%+10.5%
Q4 2005+5.2%+11.2%
Q3 2005+5.1%+11.1%
Q2 2005+5.0%+11.9%
Q1 2005+4.3%+11.1%
Q4 2004+4.0%+10.3%
Q3 2004+4.2%+11.1%
Q2 2004+3.1%+8.6%
Q1 2004+2.8%+7.4%
Q4 2003+2.3%+7.0%
Q3 2003+1.8%+5.5%
Q2 2003+2.8%+6.0%
Q1 2003+3.5%+6.5%
Q4 2002+4.4%+6.7%
Q3 2002+4.6%+6.5%
Q2 2002+5.0%+6.1%
Q1 2002+6.0%+6.0%
Q4 2001+7.7%+7.1%
Q3 2001+9.2%+7.4%
Q2 2001+10.0%+7.7%
Q1 2001+10.5%+7.7%
Q4 2000+11.5%+7.1%
Q3 2000+11.0%+6.5%
Q2 2000+11.7%+6.1%
Q1 2000+12.4%+5.8%

Step 6 of 7

When you can lock, and why waiting for the perfect rate is not a plan

A rate lock is the lender's promise to hold your rate until a set date, as long as you close by then and your application does not change. The market keeps moving; your locked rate does not.

Nobody can time the market, and that includes us. Waiting for a better rate is a bet. Locking when the numbers work is a decision.

What this means for you

When you can lock and the numbers work for your budget, lock. We will tell you what is moving the market. We will not tell you where it is going.

Lesson: Locking your rate

When a lock is possible

For a purchase, once all four are true:

  1. There is an accepted contract on a home.
  2. Your application documents are in.
  3. Your credit has been pulled.
  4. The loan is structured and approved through automated underwriting.

For a refinance, it is the same without the contract. Some lenders offer a lock while you shop, before there is a contract. It is expensive, and we can show you its cost in your Mortgage Plan.

The market moves. Your locked rate does not.

Step 7 of 7

This week's notes

Each Friday we write down what moved the market that week, with the source for every line, and what is on the calendar. We report what moved. We do not forecast where it is going.

Week of October 19, 2026

What moved this week

The 30-year average eased for the week, and bond yields came down from their highs.

  • The national 30-year fixed average was 7.32% on October 22, down from 7.40% the week before. A year earlier it was 6.19%. Freddie Mac
  • The 15-year fixed average was 6.68%, down from 6.71%. Freddie Mac
  • The 10-year Treasury yield closed the week at about 5.00% on October 23, down from about 5.13% on October 19. Mortgage rates tend to follow it. Mortgage News Daily

Past weekly notes, kept as first written.

On the calendar

Coming up

  1. Federal Reserve rate decision, after its October 27–28 meeting
  2. Freddie Mac weekly mortgage rate averages
  3. Job openings for September (JOLTS)
  4. Jobs report for October
  5. Consumer prices (CPI) for October
  6. Producer prices (PPI) for October

Big releases can move rates in either direction.

Your next step

You have the market. Now see your numbers.Get your Mortgage PlanYour options side by side, built on your own details: the payment and the cash to close for each, and what this week's market means for them.Get your Mortgage Plan

Keep learning: Locking your rateRate or APRPointsEvery lesson on shopping smart

Sources and notes

The 30-year and 15-year figures are national averages from the Freddie Mac Primary Mortgage Market Survey®, released on Thursdays at noon Eastern time. Since November 2022 Freddie Mac has drawn them from applications submitted to it for conventional, conforming, fixed-rate home purchase loans to borrowers with credit scores of 740 or higher who put 20 percent down. They are not an offer and not our rates. Your rate depends on your credit, down payment, loan type, property and the day you lock. Rates change daily.

Every figure in the tiles and charts is copied from its publisher through FRED, Federal Reserve Bank of St. Louis; each weekly note links its own sources. The charts and the weekly note update once a week; the tiles at the top can update between weeks when the latest published figures are available. Data for the charts last fetched October 27, 2026. The spread pairs each Freddie Mac release with the 10-year Treasury's average for the same week, the week ending that Friday; the newest week shows once that average is published. Inflation is the 12-month change in the seasonally adjusted Consumer Price Index; the Bureau of Labor Statistics reports its 12-month change before seasonal adjustment, so the two can differ slightly. Home prices are the FHFA all-transactions index, quarterly and not seasonally adjusted.