30-year fixed mortgage rates rise to 7.46% on Oct 5, per MRC and Forbes
- The average interest rate on a 30-year fixed mortgage reached 7.46% on October 5, 2026, marking a 0.10 percentage point increase from the previous week, according to the...
- The current average rate of 7.46% on a 30-year fixed loan translates to a monthly cost of $696 in principal and interest on a $100,000 loan, excluding taxes...
- Shorter-term and high-balance loans also experienced upward movement.
The average interest rate on a 30-year fixed mortgage reached 7.46% on October 5, 2026, marking a 0.10 percentage point increase from the previous week, according to the Mortgage Research Center and Forbes Advisor.
Thirty-Year Fixed Mortgage Rates Climb to 7.46%
The current average rate of 7.46% on a 30-year fixed loan translates to a monthly cost of $696 in principal and interest on a $100,000 loan, excluding taxes and fees, according to Forbes Advisor mortgage calculations. Over the 30-year lifespan of that $100,000 loan, total interest payments will reach $151,890. This increase follows a period where 30-year fixed rates hovered in the mid-to-high 6% range throughout the year, driven by changing market expectations for inflation and monetary policy.
Fifteen-Year and Jumbo Mortgage Rates Shift Upward
Shorter-term and high-balance loans also experienced upward movement. The average rate on a 15-year fixed mortgage inched up to 6.61% on October 5, 2026, rising slightly from the previous week’s average of 6.60%. Borrowers taking out a 15-year fixed-rate mortgage of $100,000 at this 6.61% rate will pay $877 monthly in principal and interest, totaling $58,715 in interest over the life of the loan.
Meanwhile, 30-year fixed jumbo mortgages—defined as loans exceeding the 2026 conforming loan limit of $832,750 in most areas—climbed 0.23 percentage points to reach an average of 7.64%. Borrowers with a jumbo mortgage at that 7.64% rate will pay $709 per month in principal and interest per $100,000 borrowed, resulting in roughly $155,847 in total interest over 30 years.
Federal Reserve Raises Target Range in September 2026
Mortgage rates throughout 2026 have responded to shifting economic indicators and Federal Reserve decisions. Following three rate cuts by the central bank toward the end of 2025 that brought the federal funds target range down to 3.50% to 3.75%, the Federal Open Market Committee held rates steady for much of 2026. However, in September 2026, the Federal Reserve raised its target range by 0.25 percentage points to 3.75% to 4.00%, marking its first rate increase since July 2023.
While the federal funds rate influences borrowing costs, mortgage rates also track U.S. Treasury bond yields and respond to broader economic disruptions, inflation figures, and changing forecasts for economic growth. Lenders adjust mortgage rates daily to reflect these underlying financial market movements.
Upcoming Federal Reserve Policy Reviews
The central bank will continue to evaluate its monetary policy at upcoming Federal Open Market Committee meetings. Future adjustments to the federal funds rate will depend on incoming inflation data and economic performance, which will directly influence future mortgage rate trends.