US mortgage rates have risen above 7%, increasing borrowing costs for homebuyers already facing high property prices. Although buyers cannot control market-wide interest rates, they can explore ways to secure more favourable loan terms and manage their long-term costs.
Freddie Mac reported that the average 30-year fixed mortgage rate was 7.40% on 15 October 2026, unchanged from the previous week. The 15-year fixed rate stood at 6.71%. A year earlier, the respective rates were 6.27% and 5.52%. From reviewing lender offers to negotiating seller assistance, the following strategies can help buyers make informed mortgage decisions.
