US 30-Year Mortgage Rates Climb to 7.40%, Hitting Highest Level Since 2023

US 30-year fixed mortgage rates rose to an average of 7.40% for the week ending October 8, 2026, marking their highest level since early November 2023. Borrowing costs climbed for a seventh consecutive week, gaining 0.12 percentage points from 7.28% the prior week and adding 0.84 percentage points across the streak. The 15-year fixed mortgage also climbed to 6.73% from 6.60%. Higher rates have strained affordability, prompting about 20% of active home listings to cut prices last month, the highest share in four years.