Mortgage Rates This Week: 7.40% and the Rates Keep Climbing like The Miz’s Fastball

If mortgage rates were a pitcher, the radar gun would be smoking. For the fourth straight week, the 30-year fixed came in higher, and this one’s got some extra heat on it.

The headline numbers (Freddie Mac, October 8, 2026)

• 30-year fixed: 7.40% (last week 7.28%, a year ago 6.30%)
• 15-year fixed: 6.73% (last week 6.60%, a year ago 5.53%)

What it means for your wallet

Principal and interest only, 30-year fixed

• $300,000 loan: about $2,077/month, up $25 from last week and $220 more than a year ago
• $400,000 loan: about $2,770/month, up $33 from last week and $294 more than a year ago

That’s a nice dinner out every month compared to last year. Every month. For 30 years.

If you’re buying

Don’t wait for the perfect pitch. Get pre-approved now so you know exactly what you can afford, and ask your lender about rate locks and buy-down options. Fewer buyers swinging means less competition on the right house.

If you’re selling

Price it right from day one. With payments this high, buyers are watching every dollar, and an overpriced home just sits in the dugout. A well-priced, well-prepared home still sells.

If you’re downsizing or retired

Rates may matter less than you think. If you’re buying your next home with equity from the one you’ve lived in for years, you may need a small mortgage or none at all. That’s a real advantage right now.

One question for you

Are higher rates changing your plans this year, or are you staying in the game?

Larry “Closer” Hess
REALTOR®, SRES, ABR | Licensed since 1995
Coldwell Banker Realty | Team Shope
C. 717.875.0598 | O. 717.534.2442 | larryhessrealtor@gmail.com

Rates from Freddie Mac’s Primary Mortgage Market Survey, October 8, 2026. Payment estimates are principal and interest only and don’t include taxes, insurance or HOA fees.