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● LIVE Updated 1h ago · 11 sources tracked

Average long-term US mortgage rate holds at 7.4%, remaining at highest level in nearly 3 years

The average long-term US mortgage rate remained steady at 7.4% as of October 15, 2026. Freddie Mac reports the benchmark 30-year fixed-rate mortgage is unchanged from the previous week, maintaining a peak not seen in nearly three years. This stagnation in rates is making homeownership less accessible for many buyers and contributing to a K-shaped housing market where outcomes diverge sharply based on financial standing. While current rates are flat, Fannie Mae has significantly increased its mortgage rate projections for 2027.

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  • ✓ The average long-term US mortgage rate is 7.4%.
  • ✓ The benchmark 30-year fixed-rate mortgage remained unchanged from the previous week.
  • ✓ Current long-term home loan rates are at their highest level in nearly three years.
🛡️ Source Corroboration: 11 independent reporting domains (90% confidence) ⏱ Read time: ~2 min

What changed

Fannie Mae raised its mortgage rate forecast for 2027.

Live updates

  1. US Long-Term Mortgage Rates Hold at 7.4%

    The average long-term US mortgage rate remained steady at 7.4% as of October 15, 2026. Freddie Mac reports the benchmark 30-year fixed-rate mortgage is unchanged from the previous week, maintaining a peak not seen in nearly three years. This stagnation in rates is making homeownership less accessible for many buyers and contributing to a K-shaped housing market where outcomes diverge sharply based on financial standing. While current rates are flat, Fannie Mae has significantly increased its mortgage rate projections for 2027.

    Why it matters

    High borrowing costs create a barrier for new buyers while benefiting those who secured lower rates years ago. This disparity drives the K-shaped market trend. The current rate levels represent a multi-year high for the US housing sector.

    What is confirmed

    • The average long-term US mortgage rate is 7.4%.
    • The benchmark 30-year fixed-rate mortgage remained unchanged from the previous week.
    • Current long-term home loan rates are at their highest level in nearly three years.

    Still unconfirmed

    • High mortgage rates are deepening a K-shaped housing market.
    • Homeownership is drifting further out of reach as rates rise.
    • Fannie Mae sharply raised its mortgage rate forecast for 2027.

    What to watch next

    • Future rate updates from Freddie Mac
    • Revised 2027 forecast details from Fannie Mae
    Sources used for this update (9)
    1. CNBC — Fannie Mae sharply raises mortgage rate forecast for 2027
    2. The New York Times — Homeownership Drifts Further Out of Reach as Rates Rise
    3. CNN — High mortgage rates are deepening a ‘K-shaped’ housing market
    4. AP News — Average long-term US mortgage rate holds at 7.4%, remaining at highest level in nearly 3 years
    5. Yahoo Finance — Mortgage rates held steady this week at 7.4%: Mortgage and refinance interest rates today, Thursday, October 15, 2026
    6. finance.yahoo.com — Average long-term US mortgage rate holds at 7.4%, remaining ...
    7. abcnews.com — Average long-term US mortgage rate holds at 7.4%, remaining ...
    8. www.cbs19news.com — Average long-term US mortgage rate holds at 7.4%, remaining ...
    9. www.eastbaytimes.com — Average long-term mortgage rate holds at 7.4%, remaining at ...
    confidence 90%
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