Mortgage Rates Today: 30-Year Average Back to 7.50% on Oct. 15

Mortgage rates ticked back up on Oct. 15. The national average for a 30-year fixed-rate mortgage was 7.50%, according to Bankrate data reported by the Wall Street Journal, up from 7.47% on Oct. 14 but down 0.05 points from 7.55% a week earlier. The 15-year fixed averaged 6.82%, up 0.01 points on the week.

Adjustable-rate pricing moved the other way, and sharply. The 5/1 ARM averaged 6.85%, up 0.39 points from 6.46% a week earlier, narrowing the gap that had made ARMs look attractive in recent MBA data. The 30-year fixed jumbo averaged 7.56%, down 0.01 points on the week.

Refinance averages also edged higher. The 30-year fixed refinance average was 7.63%, up 0.06 points on the week, while the 15-year refinance was 6.86% and the 30-year jumbo refinance was 7.54%.

The broader picture has not changed. The Journal noted that a bond-market selloff has kept upward pressure on rates, that Freddie Mac recorded the largest weekly jump in four years last week, and that rates are at their highest since November 2023 after rising more than a full point this year. Inflation concerns have kept the Federal Reserve from cutting its benchmark rate through 2026.

For South Bay buyers, the payment example in the report is the one to keep in mind: a $500,000 30-year loan at 7.28% costs about $3,421 a month, compared with about $2,991 in late February when rates were near 5.98%. Shopping at least three lenders and comparing total costs, not just the headline rate, remains the practical advice.

Source: Wall Street Journal / Bankrate, Mortgage Rates Today, Oct. 15, 2026 - https://www.wsj.com/buyside/personal-finance/mortgage/mortgage-rates-today-10-15-2026

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