Mortgage Rates Hit 7.4% as Buyers Gain Ground
Pompano Beach – October 16, 2026 -- The 30-year fixed mortgage rate now averages 7.4%, the highest since November 2023, even as the US housing market tilts toward buyers for the first time in years. The 15-year fixed rate averages 6.73%, up from 5.53% a year ago.
Sellers outnumber buyers by 58% nationwide
In August, there were 58% more sellers than buyers, the widest gap since Redfin began tracking the data in 2013. The National Association of Realtors puts supply at 4.9 months at the current sales pace, the highest in almost ten years.
Homes.com reports that inventory rose in 70% of 930 markets, while buyers stayed cautious. Seattle listings climbed 21.5% to 15,959 homes, yet sales fell 12.8%. In Nashville, listings rose 18.7% and sales dropped 7%, with sellers offering incentives of up to $36,000 and lower commissions.