Mortgage Rates Today, October 16, 2026 (index as of Oct 16 close)

Today’s index numbers

All four readings below come from the Mortgage News Daily rate index on the same day, so they can be compared with each other.

• 30-year fixed: 7.37% (+0.04 on the day), Mortgage News Daily, as of October 16, 2026
• 15-year fixed: 7.04% (+0.06 on the day), Mortgage News Daily, as of October 16, 2026
• 30-year FHA: 6.99% (+0.01 on the day), Mortgage News Daily, as of October 16, 2026
• 30-year VA: 7.01% (+0.01 on the day), Mortgage News Daily, as of October 16, 2026

Freddie Mac weekly survey: 7.40%, survey dated Oct 15. A weekly national survey of purchase applications, so it lags the daily index above.

Also today: the jumbo reading on the same Mortgage News Daily index came in at 7.67%, up 0.02 on the day, and the 7/6 SOFR adjustable rate came in at 6.81%, up 0.02. The Federal Reserve’s target range for the federal funds rate is 3.75% to 4.00% following the quarter point increase on September 16, and the next scheduled meeting is October 28. The 10-year Treasury yield is near 5.09% as of this writing, up roughly 1 basis point on the day, with the 2-year near 4.73%, down about 2 basis points. Two reports landed this morning. September import prices rose 1.1% on the month against an August reading of 0.5%, and 8.1% over the year, while export prices rose 2.2% on the month against 1.2% in August, and 11.6% over the year (Bureau of Labor Statistics, released October 16). Industrial production rose 0.7% in September after edging up 0.1% in August, with capacity utilization at 76.9% and total production 2.2% above its year earlier level (Federal Reserve, released October 16). The Treasury’s monthly budget statement follows at 2:00 Eastern.

These are national survey and index averages, not an offer.

What moved rates

Today’s close was the first step backward in a week that otherwise went the right way for borrowers. The daily 30-year index finished 4 basis points higher at 7.37%, and the 15-year, FHA and VA readings all nudged up with it. Set against where the week began, that is a small give back: Mortgage News Daily puts the 30-year down 0.27 since October 7, which is the better part of a quarter point in seven business days.

Per Mortgage News Daily, oil prices launched higher, which may have prevented bonds and rates from getting too excited, and the site is careful to hedge that reading. It notes that oil had been climbing during the same stretch when rates were improving, so why it suddenly mattered today is not obvious. The clearer observation in its commentary is that bonds are feeling a bit of resistance after this week’s bull run. Rates did not follow tech stocks lower today even though the NASDAQ fell more sharply, which breaks the pattern that drove most of the week’s improvement, when concerns about tech companies and a possible slowdown in spending on artificial intelligence sent money into bonds.

The day’s economic data did not help the case for lower rates either. Import prices came in hot for a second month, up 1.1% in September and 8.1% over the year, and export prices rose faster still. Industrial production beat expectations with a 0.7% monthly gain. None of those are the reports that usually move mortgage rates on their own, but they land in the same direction as this week’s hotter producer price and retail sales numbers, and the Federal Reserve meets again on October 28 with that run of data in front of it.

A week like this one is a useful reminder that the daily index is a daily number. Today’s close is higher than yesterday’s close, and both of them sit meaningfully below last Friday’s.

What it means if you are…

Shopping. The index has moved roughly a quarter point in your favor over seven business days and then gave 4 basis points of it back. A quote you were given early last week is stale, and a quote you were given yesterday is close but not current. Pricing on your own scenario depends on your credit profile, the loan amount, the property type and the occupancy, so the only figure that tells you anything about your budget is a quote run on your file today.

Refinancing. The government readings are the ones worth a second look this week. FHA at 6.99% and VA at 7.01% both sit well under the 7.37% conventional index, and that gap is wider than it has been for much of the month. If your current loan is FHA or VA, a streamline refinance is worth pricing against your existing note rather than against the headline conventional figure, because the comparison that matters is your rate today against what your own loan type prices at. The refinance savings check on this site will show you the arithmetic on your own balance.

Under contract. Nothing about today changes a closing that is already scheduled, but a week that moved this much is worth a phone call. If your rate is not locked yet, it is worth asking your lender where your lock stands and what the cost of extending it would be if your closing slips. If it is locked, you have what you have, and watching the daily index from here is more stress than information.

What a $400,000 loan looks like at today’s average

At 7.37%, the monthly rate is 7.37% divided by 12, or 0.6142%. On a $400,000 loan amortized over 360 months, principal and interest work out to about $2,761 a month. Yesterday’s close produced about $2,750 on the same loan, so today’s 4 basis point move is worth roughly $11 a month, and the 0.27 the index has come down since October 7 is worth roughly $75 a month on that same balance.

These figures exclude property taxes, homeowners insurance, flood insurance, mortgage insurance and any association dues; the actual monthly obligation will be greater.

Florida note

If you are buying a condominium or a home in an association in Florida, there is one document that quietly controls whether your closing happens on time, and it is not produced by your lender or your title company. It is the estoppel certificate, the association’s written statement of exactly what is owed on the unit as of a given date: regular assessments, special assessments, late fees, transfer fees, capital contributions and anything in collection. Your closing agent cannot calculate the figures on your closing disclosure without it, and your lender cannot clear the file without knowing whether an unpaid assessment is riding along with the unit. Section 718.116(8) of the Florida Statutes sets the rules, and knowing them is the difference between a routine item and a two week delay. The association has 10 business days after a written or electronic request to issue the certificate. Miss that deadline and it cannot charge a fee for preparing and delivering it at all, and Section 718.116(8)(e) allows a summary proceeding to compel compliance with attorney fees to the prevailing party. The fees themselves are capped by the statute rather than set by the association: $250 where nothing is delinquent on the unit, up to an additional $100 for an expedited certificate delivered within three business days, and a cap of $150 where a delinquent amount is owed. Those figures are adjusted every five years for inflation, with the Department of Business and Professional Regulation calculating and publishing the current amounts, so check the published figure rather than assuming the number in the statute. Here is the part that catches buyers. The certificate expires: 30 days if it was hand delivered or sent electronically, 35 days if it went by regular mail. A closing that slips past that window needs a new one, which restarts the clock and the fee, and associations managed by a part time board or an off site management company routinely use most of their 10 days. The practical move is to have your closing agent request the estoppel in the first week of the contract rather than the third, and if your closing date moves, tell them immediately so a fresh certificate is ordered before the old one lapses rather than after.

Rates shown could change or may not be available at commitment or closing. For a quote on your own scenario, use the rate-quote form on this page.

Daily Mortgage Rates is published by PMF, Inc. d/b/a Pioneer Mortgage Funding, NMLS #1980 · Branch NMLS #2681379 · Mortgage Loan Originator: Brendin Straubel, NMLS #1757609 · 401 E Jackson St, Suite 2340, Tampa, FL 33602 · 813-728-7764 · bstraubel@pmfmortgage.com. Verify licensing at nmlsconsumeraccess.org. Not a commitment to lend. All loans subject to credit approval.