Mortgage Rates Today: 30-Year Average Eases to 7.47% on Oct. 14

Mortgage rates eased a little on Oct. 14. The national average for a 30-year fixed-rate mortgage was 7.47%, according to Bankrate data reported by the Wall Street Journal, down from 7.52% a week earlier and lower than the day before. The 15-year fixed held steady at 6.80%.

Other purchase products also softened or held flat. The 5/1 adjustable-rate mortgage averaged 6.39%, down 0.11 points on the week, while the 30-year fixed jumbo was unchanged at 7.52%. Refinance averages moved the other way slightly, with the 30-year fixed refinance at 7.63% and the 15-year refinance at 6.82%.

The level is still high by recent standards. The Journal noted that Freddie Mac's weekly survey last week recorded the largest weekly jump in four years, that rates have risen more than a full percentage point this year, and that they are at their highest since November 2023. Inflation concerns have kept the Federal Reserve from cutting its benchmark rate through 2026.

The payment math remains the story for buyers. 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 Bankrate research on the cost of not shopping around, and advised borrowers to get quotes from at least three lenders and compare total costs, not just the headline rate.

For South Bay buyers, a dip from 7.55% on Oct. 12 to 7.47% today is welcome but does not change the strategy: shop multiple lenders, ask about buydowns and adjustable-rate options, and price the monthly payment at today's rate rather than waiting for a return to February levels.

Source: Wall Street Journal / Bankrate, Mortgage Rates Today, Oct. 14, 2026 - https://www.wsj.com/buyside/personal-finance/mortgage/mortgage-rates-today-10-14-2026

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