Market rates

What the 30-year number is

It is the national average 30-year fixed rate from Freddie Mac's weekly survey. Freddie Mac builds it from its Loan Product Advisor data on conventional, single-family purchase loans within conforming loan limits, and describes the borrower profile as good or excellent credit, 20% down, and an owner-occupied home. Each figure averages rates from the prior Thursday through Wednesday and is published Thursdays at noon Eastern. It no longer reports points or adjustable-rate loans. It is a good measure of direction. It is not a prediction of the rate any one buyer will get. Freddie Mac's methodology.

Why your client's rate can differ

A quote depends on credit score, down payment, loan amount, loan type (conventional, FHA, VA), whether the home will be lived in or rented out, discount points, and how long the rate is locked. Two buyers on the same day can be quoted meaningfully different rates. Use the average to talk about the market. Use a written Loan Estimate to talk about a specific loan.

What a rate move means in dollars

On a $320,000 loan (a $400,000 home with 20% down), a quarter-point rise in rate adds about $55 to the monthly principal and interest payment at today's level. Moves feel small on paper and add up over thirty years. The payment calculator and the points comparison let you try the numbers for a specific loan.

Mortgage rates and the Fed

Mortgage rates are not set directly by the Federal Reserve's interest rate decisions. They follow longer-term bond yields. The "Fed policy" notes above are there because the Fed's actions and statements move those yields, not because the Fed sets your rate. In some periods mortgage rates have risen after the Fed cut and fallen after it raised. The chart and notes let you see for yourself.

Why the 10-year Treasury is on this page

Mortgage rates tend to move in the same direction as the 10-year Treasury yield, because investors who buy mortgage bonds compare them with Treasuries. They do not move in lockstep. Mortgage rates sit above the Treasury yield, and the gap changes with market conditions and lender costs. Today the 30-year average is 2.18 points above the 10-year yield.

Weekly and daily numbers are on different clocks

The Freddie Mac figures are published once a week, so they can be several days old. The Treasury yield updates each business day. Check the "as of" date next to each number before you share it. The Treasury yield can already show a market move that the weekly mortgage average has not caught up to yet.

How to read the "what was happening" notes

Each note summarizes a public statement or report, and links to it. They describe the setting at the time. They do not prove what caused a rate to move, and they are not predictions. Many things move rates at once.

How to talk about it with a client

• Say what happened, with the date: "The national average 30-year rate was 7.40% as of Oct 8, 2026."
• Compare with a reference point that is fair: last week, last year, or the long-run range above.
• Connect it to a payment, not just a percentage.
• Avoid predictions. Nobody can say where rates go next. Avoid words like "best", "lowest" or "guaranteed".
• Send the client to a loan officer for a quote based on their own details.

What the percentage points mean

A "point" here is one percentage point of interest rate, so a move from 6.50% to 6.75% is a quarter of a point. This is different from "discount points" a buyer can pay at closing to lower the rate. One discount point costs 1% of the loan amount.