Mortgage rates have now gone up for six weeks in a row. Freddie Mac's survey dated October 1 put the 30-year fixed at 7.28%, up from 7.03% a week earlier. That is the highest reading since November 2023. The 0.25-point rise is the largest one-week increase since October 2022, according to Freddie Mac data published through FRED.
We covered that number briefly in Friday's jobs report post. This recap looks at the full run-up, what it costs on a California-sized loan, and the bond market since the survey was taken. That last part matters more than usual this week.
| Rate | Latest | Prior Week | Change |
|---|---|---|---|
| 30-year fixed | 7.28% | 7.03% | ▲ +0.25 |
| 15-year fixed | 6.60% | 6.42% | ▲ +0.18 |
| 30-year minus 15-year | 0.68 | 0.61 | ▲ +0.07 |
| Fed funds rate (effective, monthly average) | 3.75% (Sept.) | 3.63% (Aug.) | ▲ +0.12 |
| Fed funds target range (since Sept. 16) | 3.75%–4.00% | 3.75%–4.00% | — unchanged |
| Prime rate | 7.00% | 7.00% | — unchanged |
Quick read: The 30-year has climbed from 6.65% on August 20 to 7.28%, a 0.63-point rise in six weeks. The 15-year hit 6.60%, its highest since November 2023. The Fed and the prime rate did not move this week. The effective funds rate in the table is a monthly average, and September's figure includes the second half of the month after the Fed's September 16 hike.
Here is how the 30-year average has moved since late August, according to Freddie Mac:
| Survey date | 30-year fixed | Weekly change |
|---|---|---|
| August 20 | 6.65% | — |
| August 27 | 6.66% | ▲ +0.01 |
| September 3 | 6.71% | ▲ +0.05 |
| September 10 | 6.76% | ▲ +0.05 |
| September 17 | 6.95% | ▲ +0.19 |
| September 24 | 7.03% | ▲ +0.08 |
| October 1 | 7.28% | ▲ +0.25 |
It is the first six-week run of increases since November 2024. The early weeks moved by a few hundredths. The two big steps came in the survey right after the Fed's September 16 hike and in the October 1 survey. For context, the 30-year's recent peak was 7.79% in late October 2023, about half a point above today.
Thirty-year mortgage rates follow the 10-year Treasury yield more closely than they follow the Fed. Freddie Mac's October 1 survey reflects the market up to that week. Since then, the 10-year has kept climbing.
According to the U.S. Treasury's daily yield curve, the 10-year closed at 5.24% on October 1, 5.28% on October 2 (the day of the weak September jobs report), and 5.31% on Monday, October 5. Monday's close is the highest since May 2002, based on the same Treasury series published through FRED. A soft jobs number would normally pull yields down. As we explained Friday, inflation and expectations for further Fed tightening are doing more to set long-term rates right now.
One week is not a trend: Higher Treasury yields since October 1 do not guarantee a higher survey on October 8. Lenders price loans every day, and weekly averages can swing in either direction. Nothing here predicts the rate you will be offered.
On a $600,000 30-year loan, principal and interest at 7.28% comes to about $4,105 a month. At last week's 7.03% it was about $4,004, so the week added roughly $101 a month. Against August 20's 6.65%, when the same loan ran about $3,852, the six-week rise adds around $253 a month, or about $3,000 a year.
The 15-year shows the same pattern. At 6.60%, a $600,000 15-year loan runs about $5,260 a month, up from roughly $5,200 at 6.42%. (Estimates assume principal and interest only on a $600,000 loan for the full stated term, with no property taxes, insurance, HOA dues, or mortgage insurance. Your rate and payment will differ.)
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Check My Rate →Your first mortgage keeps gaining value as rates climb. A $600,000 balance at 4% costs about $2,864 a month in principal and interest, roughly $1,241 below the same loan at 7.28%. A cash-out refinance would reprice that whole balance at today's rates. If you need cash for a renovation, tuition, or paying down higher-rate debt, a HELOC or home equity loan borrows against your equity as a second lien and leaves the first mortgage alone. Our guide to tapping equity without refinancing walks through the options, and you can start with a free equity estimate.
This week did not change your rate. Most variable HELOCs are priced off prime, which FRED shows at 7.00%, unchanged since the day after the September hike. Prime follows the Fed's target range, not the 10-year, so a six-week climb in mortgage rates does not automatically reach your line. The Fed's next decision is October 27–28. If you carry a large balance and want a firm number, ask your lender whether part of it can be converted to a fixed rate, or compare a fixed-rate home equity loan using this comparison.
The refinance window has narrowed again. A common rule of thumb is that a refinance starts to make sense when you can lower your rate by roughly 0.75% to 1% after costs. Against a 7.28% survey average, that generally means a current rate near 8% or higher. Run your break-even now, with your balance, closing costs, and how long you plan to stay, so you can act quickly if yields ease. If you also want cash out, compare a HELOC with a cash-out refinance in our California breakdown before assuming the refinance wins.
Six straight increases make it tempting to wait for a reversal, or to lock in a hurry. Neither is a plan. What you can control is how many lenders compete for your file. The spread between offers on the same loan is often larger than a week of survey movement, which is why shopping through a broker rather than a single bank can matter more than the day you lock.
Survey averages are a starting point, not your rate. If you work for a major California organization such as Kaiser Permanente or LAUSD, you may qualify for discounted mortgage and home equity pricing through MyRateAdvisor's lender relationships. Checking eligibility is free and does not require a credit pull.
Freddie Mac's next survey publishes Thursday, October 8. It will be the first to reflect trading after the jobs report and Monday's 5.31% close on the 10-year. The September inflation report comes out later this month, ahead of the Fed's October 27–28 meeting. With hiring slowing, inflation is the number most likely to decide whether long-term yields keep climbing. We will cover the new survey in next Monday's recap.
Source: Freddie Mac Primary Mortgage Market Survey via FRED, as of October 1, 2026. Prior-week figures, the weekly 30-year averages from August 20 through October 1, 2026, the October 26, 2023 peak of 7.79%, and the "highest since," "largest weekly increase since," and consecutive-increase comparisons are calculated from the same FRED series (MORTGAGE30US, MORTGAGE15US). Effective federal funds rate (August and September monthly averages) and bank prime loan rate: FRED. 10-year Treasury yields for October 1, 2, and 5, 2026: U.S. Department of the Treasury, Daily Treasury Par Yield Curve Rates. The "highest since May 2002" comparison uses the 10-year constant-maturity series (DGS10) via FRED. Federal funds target range: Federal Reserve, FOMC statement, September 16, 2026. Survey rates are national averages for conventional, conforming loans for borrowers with excellent credit, and may differ from the rate you are offered. Payment figures are illustrative estimates based on the assumptions stated in the article. This article is general information, not financial advice. Talk to a licensed advisor about your specific situation. MyRateAdvisor NMLS #1598577.