How High Are Mortgage Rates Right Now? What Staten Island Buyers Need to Know

Oct 13, 2026

As of October 1, 2026, the average 30-year fixed mortgage rate in the U.S. is 7.28%, according to Freddie Mac. That is up from 6.34% a year earlier and above 7% for the first time since January 2025. Daily lender quotes tracked by Zillow were near 7.40% on October 6, 2026.

What are mortgage rates today?

These are national averages from Freddie Mac's weekly survey. Your own quote depends on your credit score, down payment, loan type, and lender.

How fast have rates risen?

Quickly. The 30-year rate rose for several weeks in a row: 6.76% in early September, 6.95% on September 17, 7.03% on September 24, and 7.28% on October 1. Staten Island rates were around 6.19% back in April, so buyers now face a rate roughly a full point higher.

Why are mortgage rates going up?

Three things are driving the move:

• The Federal Reserve. The Fed raised its main interest rate in mid-September 2026, which pushed mortgage rates higher.
• The 10-year Treasury yield. Mortgage rates tend to follow it, and it has been climbing to multi-year highs.
• Inflation worries. Rates dipped briefly after a cooler-than-expected inflation report, but analysts expect them to stay elevated through year-end.

What it means for Staten Island buyers

A higher rate raises your monthly payment on the same house. On a $600,000 loan, the jump from 6.19% to 7.28% adds about $434 a month in principal and interest. We break that down in our post "How Much More Will I Pay Per Month at 7% Mortgage Rates?"

What to watch next

Keep an eye on the next inflation report, the Fed's next meeting, and the 10-year Treasury yield. Rates can move several tenths of a point in a week, so ask your lender how and when you can lock a rate.

Frequently asked questions

What is the average 30-year mortgage rate today? As of October 13, 2026, it is 7.63%, according to Freddie Mac's weekly survey.

Are mortgage rates higher than a year ago? Yes. The 30-year average was 6.34% a year earlier, so rates are about 1.3 points higher.

Will mortgage rates fall by the end of 2026? One outlook expects rates to hover around 7% for the rest of the year. No one can guarantee where rates will go, so plan around what you can afford today.

Why is my lender's quote different from the national average? The Freddie Mac figure is a survey average. Lenders price loans based on your credit, down payment, points, and loan type, so quotes vary.

Thinking of buying on Staten Island? Call DiTommaso Real Estate at 718-667-8000.