Mortgage rates rose sharply again this week, pushing further above the 7% mark, according to Freddie Mac’s latest data.

The 30-year fixed-rate mortgage averaged 7.28% as of October 1, 2026, up from 7.03% the week before. A year ago, it averaged 6.34%. Shorter-term loans also climbed. The 15-year fixed-rate mortgage averaged 6.60%, up from 6.42% last week and well above the 5.55% average a year earlier.

That means a borrower taking out a 30-year loan today faces a rate nearly a full percentage point higher than a year ago, and 15-year rates are up more than a point.

In response to rising rates, homeowners are refusing to sell their homes and risk giving up a low-interest rate. On the other hand, prospective buyers are looking for ways to lower their monthly costs, including increasing their down payment amount, buying cash, or using adjustable rate mortgages.