Mortgage Rates Today: 30-Year Average Eases to 7.46% on Oct. 16

Mortgage rates eased a bit on Oct. 16. The national average for a 30-year fixed-rate mortgage was 7.46%, according to Bankrate data reported by the Wall Street Journal, down from 7.54% a week earlier. The 15-year fixed was unchanged at 6.84%.

The adjustable-rate picture moved the other way again. The 5/1 ARM averaged 6.91%, up 0.46 points from 6.45% a week earlier, so the initial-rate discount an ARM offers over a fixed loan has narrowed a lot in two weeks. The 30-year fixed jumbo averaged 7.58%, down 0.03 points on the week.

Refinance averages were mixed. The 30-year fixed refinance average was 7.58%, down 0.03 points on the week, while the 15-year refinance rose to 6.93% and the 30-year jumbo refinance rose to 7.55%.

The Journal's rate history puts the move in context: rates fell below 6.00% in late February 2026, their lowest in more than three years, then climbed back above 7.50% in October for the first time in nearly three years. A one-day dip to 7.46% does not change that picture, but it does break a string of daily increases.

For South Bay buyers, the practical point is unchanged: at these levels the lender you choose matters as much as the day you lock. Get quotes from at least three lenders and compare total costs, not just the headline rate.

Source: Wall Street Journal / Bankrate, Mortgage Rates Today, Oct. 16, 2026 - https://www.wsj.com/buyside/personal-finance/mortgage/mortgage-rates-today-10-16-2026

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