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Fifth straight PMMS climb to 7.28% (week of October 1, 2026)

Freddie Mac's 30-year average rose to 7.28% on October 1, 2026, a fifth straight climb. Bankrate was 7.43%. Mortgage News Daily's index was 7.60%.

Published: 2026-10-01

Key takeaways

  • Freddie Mac's PMMS as of October 1, 2026 put the 30-year fixed at 7.28% (up 0.25 from 7.03%) and the 15-year fixed at 6.60% (up from 6.42%). A year earlier those weekly averages were 6.34% and 5.55%. This is a fifth consecutive Thursday climb: 6.71%, 6.76%, 6.95%, 7.03%, then 7.28%.
  • Mortgage News Daily's daily index, page updated October 1, 2026, showed 30-year fixed at 7.60% (up 0.02) and 15-year fixed at 7.22% (up 0.02).
  • Bankrate's national averages as of October 1, 2026 put 30-year fixed at 7.43% interest, increased 0.27% versus last week, and 15-year fixed at 6.76% interest, increased 0.22% versus last week. That strip states APR is not included.
  • Sam Khater, Freddie Mac Chief Economist, said: "With mortgage rates on their current trajectory, the housing market continues to be supported by favorable economic conditions." Matthew Graham wrote on September 30 that top-tier 30-year fixed rates jumped to 7.60%, only 0.02% higher than the day before.
  • Put 7.28% next to 7.43% and 7.60%: the first is the Thursday survey, and the other two are closer to many rate sheets this week. This week's 30-year PMMS step is 25 basis points, larger than last week's 0.08.

Fifth straight PMMS climb to 7.28% (week of October 1, 2026)

Published: October 1, 2026

Freddie Mac's weekly survey climbed for a fifth straight Thursday. The Primary Mortgage Market Survey printed 7.28% for the 30-year fixed on October 1, 2026, up 0.25 from 7.03% last Thursday. The Thursday prints in this run were 6.71%, then 6.76%, then 6.95%, then 7.03%, then 7.28%. A year earlier the same weekly average was 6.34%.

Bankrate's national average was 7.43% interest on October 1. Mortgage News Daily's daily index showed 7.60% the same day, up 0.02. Put 7.28% next to 7.43% and 7.60%: the first is the Thursday survey, and the other two are closer to many rate sheets this week.

What are 30-year and 15-year mortgage rates this week?

Freddie Mac's Primary Mortgage Market Survey (PMMS) as of October 1, 2026 put the 30-year fixed-rate mortgage at 7.28%, up from 7.03% the week before, and the 15-year fixed at 6.60%, up from 6.42%. A year earlier, those weekly averages were 6.34% and 5.55%. Sam Khater, Freddie Mac Chief Economist, said: "With mortgage rates on their current trajectory, the housing market continues to be supported by favorable economic conditions."

This week's 30-year step is 0.25 percentage points, or 25 basis points. That step is larger than last week's 0.08 rise from 6.95% to 7.03%. The 15-year weekly average rose from 6.42% to 6.60%. The 30-year print is 0.94 percentage points above the year-ago weekly average of 6.34%.

Mortgage News Daily's daily index, page updated October 1, 2026, showed a 30-year fixed rate of 7.60%, up 0.02, and a 15-year fixed rate of 7.22%, up 0.02. Both prints sit above the weekly survey.

Bankrate's national averages as of October 1, 2026 put the 30-year fixed at 7.43% interest, increased 0.27% versus last week, and the 15-year fixed at 6.76% interest, increased 0.22% versus last week. Bankrate labels that strip as interest, with APR not included.

Rate note: these are national averages for education only, not a quote or a rate promise. Your actual rate depends on credit score, down payment, loan type, discount points, and the day you lock.

What moved mortgage rates this week?

Five Thursday prints now mark the climb: 6.71%, then 6.76%, then 6.95%, then 7.03%, then 7.28%. The latest 30-year step is 0.25, or 25 basis points, larger than last week's 0.08 move. The 15-year weekly average moved from 6.42% to 6.60%, and a year earlier that 15-year average was 5.55%.

Weekday sheets were already at the higher daily level before Thursday's survey. Matthew Graham's September 30 article, Mortgage Rates End Day Higher Despite Promising Start, at Mortgage News Daily, described another step up in top-tier pricing. Graham wrote: "Top tier 30yr fixed rates jumped to 7.60%. That's only 0.02% higher than yesterday, but yet another long-term high."

The October 1 daily index still showed 7.60% for the 30-year fixed, up 0.02, and 7.22% for the 15-year fixed, up 0.02. That 7.60% level matches the top-tier print Graham reported for September 30. Bankrate's same-day national average was 7.43% interest, with APR not included on that strip.

Two documented differences still sit between the survey and the daily sheets. PMMS averages rates offered from the prior Thursday through Wednesday, so the Thursday release can lag weekday sheets. Mortgage News Daily's daily index also accounts for upfront costs. The PMMS survey rate does not.

What does this mean if you are buying or refinancing?

If you are comparing written offers this week, put the 7.28% PMMS figure next to Bankrate's 7.43% and Mortgage News Daily's 7.60%. The gap between 7.28% and 7.60% is 0.32 percentage points, and that changes principal and interest on the same loan amount. Our mortgage payment calculator can show that difference before you compare APR, points, and fees.

If you are refinancing, a weekday index near 7.60% changes the payment comparison versus last week's 7.03% weekly print. The same loan amount at 7.28% and at 7.60% is a comparison of national averages, not a personal offer. The 15-year weekly average of 6.60% is a separate product from the 30-year survey, and Bankrate's 15-year interest average was 6.76% on October 1.

Treat lock versus float as a risk choice, not a recommendation. Locking removes uncertainty about the final rate. Floating leaves room if pricing improves, and it also leaves you exposed if rates rise before closing. Neither choice guarantees a better outcome.

The longer record behind this week's average is in Mortgage Rates: A Look Back Since the 1970s.

Disclaimer: this weekly update is for general education. It is not financial advice, and it is not a commitment to lend. Real mortgage offers vary by lender, credit profile, down payment, points and fees, and market conditions.

Sources

  1. Freddie Mac: Primary Mortgage Market Survey (PMMS) as of October 1, 2026 - https://www.freddiemac.com/pmms
  2. Freddie Mac: Mortgage rates average 7.28% (Sam Khater, October 1, 2026) - https://freddiemac.gcs-web.com/news-releases/news-release-details/mortgage-rates-average-728
  3. Mortgage News Daily: Today's Mortgage Rates - Daily Index (October 1, 2026) - https://www.mortgagenewsdaily.com/mortgage-rates
  4. Mortgage News Daily: Mortgage Rates End Day Higher Despite Promising Start (Matthew Graham, September 30, 2026) - https://www.mortgagenewsdaily.com/markets/mortgage-rates-09302026
  5. Bankrate: Current Mortgage Rates (October 1, 2026) - https://www.bankrate.com/mortgages/mortgage-rates/

Frequently asked questions

Why is Freddie Mac's 7.28% lower than Mortgage News Daily's 7.60% this week?

They measure different things on different calendars. Freddie Mac's PMMS as of October 1, 2026 put the 30-year fixed at 7.28%. Mortgage News Daily's October 1 daily index was 7.60%, up 0.02. That index accounts for upfront costs. The PMMS survey rate does not. These are national averages, not a quote.

Did mortgage rates go up or down this week?

They went up for a fifth straight week on the official survey. Freddie Mac's weekly 30-year average rose to 7.28% as of October 1, 2026, from 7.03% last week, a 25-basis-point climb. Mortgage News Daily's daily 30-year index was 7.60% on October 1. Bankrate's national average was 7.43% interest the same day. These are national averages, not a quote.

Should I lock my mortgage rate now or wait?

Treat lock versus float as a risk choice, not a recommendation. Locking removes uncertainty about the final rate. Floating leaves room if pricing improves, and it also leaves you exposed if rates rise before closing. Ask your lender how long a lock lasts and what a re-lock costs. Neither choice guarantees a better outcome.

When is the next Freddie Mac mortgage rate update?

Freddie Mac releases the Primary Mortgage Market Survey on Thursdays. The latest print is dated October 1, 2026, with the 30-year fixed at 7.28%. The next Thursday print is due October 8, 2026. Until then, weekday indexes from Mortgage News Daily and Bankrate show more of the day-to-day moves. That calendar is not a rate forecast.

What did Matthew Graham report on September 30?

Matthew Graham at Mortgage News Daily wrote on September 30, 2026 that top-tier 30-year fixed rates jumped to 7.60%. He wrote that was only 0.02% higher than the day before, and yet another long-term high. The October 1 daily index still showed 30-year fixed at 7.60%, up 0.02, and 15-year fixed at 7.22%, up 0.02.

What is the gap between the weekly survey and weekday sheets?

Freddie Mac's Thursday survey is 7.28%. Bankrate's October 1 national average is 7.43% interest, and that strip does not include APR. Mortgage News Daily's October 1 daily index is 7.60%. The gap between 7.28% and 7.60% is 0.32 percentage points. None of these figures is a personal quote.