Weekly mortgage rate update

Mortgage rates opened October at their highest readings of the year. The latest Freddie Mac Primary Mortgage Market Survey® (PMMS), released Thursday, October 1, put the 30-year fixed at 7.28% and the 15-year fixed at 6.60%, both up for the second consecutive week. The next weekly release lands Thursday, October 8, so this is the most current data available as of today. Here is the picture for Tri-Cities buyers and sellers, including what 7.28% means for a monthly payment on a $400,000 home.

This week’s rates

Data sourced from the most recent Freddie Mac PMMS release, for the week ending October 1, 2026 (the latest available as of this update):

Source: Freddie Mac Primary Mortgage Market Survey®, week ending October 1, 2026. Rates assume a credit score of 740, 20% down payment, and 0.8 discount points. Actual rates vary by borrower profile. Freddie Mac’s PMMS now reports the 30- and 15-year fixed rates only and no longer publishes a weekly 5/1 hybrid ARM average. Among private trackers, Bankrate’s national average 5/1 ARM APR stood near 6.42% in early October, barely below the 30-year fixed, which tells the same story: the discount that once made hybrid ARMs attractive has largely disappeared.

What happened this week

Freddie Mac’s release was titled simply “Mortgage Rates Average 7.28%.” The 30-year fixed moved up 25 basis points to 7.28%, and the 15-year fixed moved up 18 basis points to 6.60%. Both are the highest readings we have tracked all year, and the 30-year is now a full 94 basis points above its early-July low of 6.43%. A year ago, the 30-year averaged 6.34% and the 15-year averaged 5.55%.

The driver is the same one we have watched all month: higher global bond yields. Mortgage rates track long-term Treasury yields closely, and when those move up, lenders follow. The direction has been consistently upward since the summer, even as the weekly moves stay modest in size. Knowing the trend matters less for predicting next week than for planning your own timeline, which is where I want to focus your attention.

A note on adjustable-rate mortgages: this week’s official release reported the 30- and 15-year fixed rates only, and Freddie Mac’s PMMS no longer publishes a weekly 5/1 ARM average. Private trackers put the national average 5/1 ARM APR near 6.42% as of early October, essentially level with the 30-year fixed. When a hybrid ARM is not offering a meaningful discount over a fixed rate, the predictability of a fixed-rate loan is usually the easier decision for a long-term home purchase.

What does 7.28% mean for your payment?

Let me put real numbers to this. If you are purchasing a $400,000 home in the Tri-Cities with 20% down ($80,000), your loan amount would be $320,000. Here is what that looks like at today’s rates:

Compared to last week, the 30-year is roughly $55 more per month on that $320,000 loan. Compared to the summer low of 6.43% in early July, today’s rate is about $180 more per month, and compared to a year ago at 6.34%, it is roughly $200 more per month. That is the concrete cost of this season’s climb, and I know it can feel heavy. The weekly moves have been modest, but the direction has been steady, and the payment math is worth sitting with honestly.

The 15-year fixed at 6.60% costs about $615 more each month than the 30-year but saves roughly $283,000 in total interest over the life of the loan. That trade-off fits some buyers beautifully and others not at all; it depends on your cash flow, your timeline, and your goals. That is why I always encourage clients to run the numbers for their own situation instead of assuming one term fits everyone.

The outlook from Fannie Mae

Fannie Mae’s Economic and Strategic Research Group published its September 2026 Economic and Housing Outlook on September 15, and it remains the most recent published forecast; the October edition typically arrives mid-month. The September read expected the 30-year fixed rate to land near 6.8% by year-end 2026, with meaningful easing not expected until later in 2027. With the 30-year now at 7.28%, the market is running ahead of even that revised forecast, which is exactly why both Fannie Mae and the Mortgage Bankers Association have been trimming their 2026 mortgage-finance forecasts all quarter.

Fannie Mae also continues to flag the “lock-in effect”: homeowners with ultra-low pandemic-era rates who are reluctant to sell, keeping resale inventory thinner than demand. In the Tri-Cities, steady in-migration meeting that constrained supply is what has kept home values resilient despite the rate climb. The price side of the ledger holding up matters for the math of your decision, and it is one reason the region keeps drawing relocating families from higher-cost West Coast cities.

What this means for Tri-Cities buyers

Rates at the highest readings of the year are a real headwind, and I will not pretend otherwise. Roughly $180 more per month than the summer low, on top of the other costs of waiting, is real money. But here is what the data also says: no major forecaster is calling for a meaningful drop before late next year at the earliest, and the cost of waiting shows up in purchase prices and rent paid while you wait, not just in the rate column.

What actually moves the needle is what you control: your down payment plan, your credit profile, your pre-approval, and being ready to act when the right home appears. A $400,000 home in Kennewick, Richland, Pasco, or West Richland at today’s rate still builds equity month after month in one of the most affordable and resilient housing markets in Washington. I have helped buyers close at every rate reading we have tracked this year, and the ones who are happiest are the ones who ran their own numbers and bought for their own reasons.

What this means for sellers

When rates climb, some buyers pause for a beat, and buying power tightens. That is exactly why precise pricing, sharp presentation, and honest marketing matter more now than at any point this summer. The good news: the demand picture in the Tri-Cities has not changed. Relocating families from Seattle, Portland, and California keep the pool of qualified, motivated buyers strong, and this week’s rate number does not erase the gap between a well-priced home and the competition.

For sellers, the guidance is steady: price against current market data, not last spring’s; stage thoughtfully; and market professionally. Homes that do those things are still drawing serious offers. The weekly headlines capture the rate, but they do not capture activity on the ground, where my team and I see every day what is actually selling and why.

The bottom line

Mortgage rates sit at their highest readings of the year. The 30-year fixed is at 7.28% (up 25 basis points) and the 15-year at 6.60% (up 18 basis points) per the Freddie Mac PMMS release for the week ending October 1, 2026, the latest available before this week’s Thursday release. Fannie Mae’s most recent published outlook, from September, expected the 30-year to settle near 6.8% by year-end, with meaningful easing only later in 2027. None of that changes the fundamentals of the Tri-Cities market: prices steady, demand solid, and homes still building equity for the families who buy them.

The word of the week is clarity before commitment. This is the moment to run your own numbers at today’s rates, understand what you can comfortably afford, and decide based on your life and your goals, not on a weekly headline. Homeownership is about building a future for your family, not timing a market bottom. If you are ready to buy, sell, or simply explore your options, I would love to sit down with you, run the numbers at today’s rates, and map out what is possible for your specific situation.

Sources: Freddie Mac Primary Mortgage Market Survey®, week ending October 1, 2026 (“Mortgage Rates Average 7.28%”, released October 1, 2026). Prior-week and year-ago comparisons per the same release. Fannie Mae Economic and Strategic Research Group, September 2026 Economic and Housing Outlook, published September 15, 2026; the October 2026 edition typically arrives mid-month. 5/1 hybrid ARM context: Freddie Mac’s PMMS no longer publishes a weekly 5/1 ARM average; Bankrate’s national average 5/1 ARM APR stood near 6.42% as of October 6, 2026. Monthly payment estimates calculated with standard amortization formulas, and actual payments vary by loan terms, credit score, taxes, insurance, and other factors. This is not financial advice. Consult a licensed lender for personalized rate quotes.