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30-Year Mortgage Rate Reaches 7.28 Percent, Freddie Mac Reports
The average rate for a 30-year fixed-rate mortgage increased to 7.28%, according to Freddie Mac. This figure represents the highest level for the benchmark mortgage in nearly three years.
10/02/2026 · California edition
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Why it matters locally: California's housing market, already facing high prices and limited inventory, is particularly sensitive to rising mortgage rates, which can further impact affordability for prospective homebuyers across the state.
The average interest rate for a 30-year fixed-rate mortgage reached 7.28% on Thursday, Freddie Mac reported. This new figure marks the highest point for the benchmark mortgage in almost three years. A year prior, the average rate stood at 6.34%. Freddie Mac, a government-sponsored enterprise that purchases mortgages from lenders, releases weekly updates on mortgage rates. These rates serve as a common reference point for prospective homebuyers and the housing market.Related Topics
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