US Mortgage Rates Edge Higher as Refinancing Remains Strong, Fed Meeting Looms

Mortgage rates rise modestly amid active refinancing market

The 30‑year fixed mortgage rate is 7.23% on Tuesday, October 27, 2026, up 11 basis points from the previous day source 4.

Over the prior week, the average interest rate on a 30‑year fixed refinance fell to 7.30% source 2, while the 30‑year fixed rate averaged 7.12% over the weekend source 5.

Refinancing activity remains robust: refinancing comprised a record 57% of Loan Market Group’s mortgage lodgements in the last two weeks of September source 8.

Mortgage‑related hedging has added selling pressure to the U.S. Treasury market as yields surge source 1.

The Federal Reserve is scheduled to meet Oct. 27–28 and is expected to hold the federal funds rate on Oct. 28, according to market expectations source 3. Analysts note that a hold decision could keep upward pressure on mortgage rates if the Fed signals future hikes.