Mortgage Rates Just Hit 7.40%, a Nearly Three-Year High. The Cure Is Less Borrowing, Lower Inflation and More Homes
Freddie Mac's 30-year average rose for a seventh straight week on Oct. 8 as the 10-year Treasury yield hit its highest level since 2002. In our view, families deserve straight answers on what is driving rates, and a Washington plan that tackles deficits, energy and housing supply.
By Clara Hughes
ALTAS WORLD NEWS OPINION | By Clara Hughes, Chief Opinion Editor | October 11, 2026 | 6-min read If you have been house hunting this fall, you already feel it. On Thursday, Freddie Mac reported that the average 30-year fixed mortgage rate rose to 7.40%, up from 7.28% a week earlier and 6.30% a year ago [1]. It was the seventh straight weekly increase and the highest average since November 2023, the Associated Press reported [2]. In our view, Americans deserve a straight answer about what is driving these rates, and a serious plan from Washington to bring them down. Blame games will not lower a single monthly payment. Key Takeaways The 30-year fixed rate averaged 7.40% and the 15-year fixed averaged 6.73% in the week ending Oct. 8 [1]. In late February, the 30-year rate was 5.98%. The jump since then adds roughly $376 a month on a $400,000 loan at today's average, AP calculated [2][3]. The 10-year Treasury yield, which lenders use as a guide for pricing home loans, has risen to its highest level since 2002 [2]. Here is why this matters to you. A