Mortgage Rates Today: 30-Year Average Climbs to 7.55% on Oct. 12
Mortgage rates edged higher again to start the week. The national average for a 30-year fixed-rate mortgage was 7.55% on Oct. 12, according to Bankrate data reported by the Wall Street Journal - up from 7.49% a week earlier and higher than on Friday. The 15-year fixed averaged 6.84%, also up 0.06 points on the week, and the 30-year fixed jumbo averaged 7.60%.
One product moved the other way. The 5/1 adjustable-rate mortgage averaged 6.45%, down 0.31 points from 6.76% a week earlier, a reminder that ARM pricing can diverge from fixed rates when bond markets are volatile. On the refinance side, Bankrate put the 30-year fixed refinance average at 7.64% and the 15-year refinance at 6.85%.
The broader backdrop has not changed. The Journal noted the bond-market selloff has kept upward pressure on mortgage rates, which posted their largest weekly jump in four years in Freddie Mac's most recent survey, and that rates have risen more than a full percentage point this year to their highest level since November 2023. Stubborn inflation fears have kept the Federal Reserve from lowering its benchmark rate through 2026.
The cost difference is concrete. The Journal cited a $500,000 30-year mortgage at 7.28% costing $3,421 a month, compared with $2,991 a month in late February when rates were near 5.98%. It also cited a Bankrate study finding that borrowers who do not shop around typically pay substantially more over the life of a loan than buyers who request multiple quotes.
For South Bay buyers, the practical takeaway is unchanged but sharper at 7.55%: get quotes from at least three lenders, compare total costs rather than the headline rate alone, and ask about buydowns and ARM options with eyes open about how and when an adjustable rate can reset.
Source: Wall Street Journal / Bankrate, Mortgage Rates Today, Oct. 12, 2026 - https://www.wsj.com/buyside/personal-finance/mortgage/mortgage-rates-today-10-12-2026
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