Mitir Patel/Insights/October 5, 2026
Rates jumped to 7.28%. Check your budget before you offer.
Mortgage rates took a real jump last week. The average 30-year rate hit 7.28% in Freddie Mac's October 1 survey, up from 7.03% a week earlier and 6.34% a year ago.
Here's what that means in dollars. On a $400,000 loan, the monthly principal and interest payment is about $2,737 at 7.28%. That's roughly $68 more than a week ago, and about $250 more than at last year's rate.
Choice is still limited, too. In September, the Chicago metro area had 15,929 homes listed for sale, about 5% fewer than a year earlier, according to Realtor.com.
If you're shopping, make sure your pre-approval still matches today's rate before you make an offer. A payment that worked last month may not work now. And if the numbers don't fit yet, waiting is a perfectly good choice.
Have a question about what you can afford? I'm happy to talk it through.
Where the numbers come from
- 30-year fixed mortgage rate — 7.28% (prior week 7.03%, year ago 6.34%) (as of Survey of Oct 1, 2026 (latest release)) · Freddie Mac Primary Mortgage Market Survey
- Monthly payment illustration, $400,000 loan, 30 years — Computation: principal + interest $2,736.85 at 7.28%; $2,669.27 at 7.03% (+$67.58); $2,486.33 at 6.34% (+$250.52). Excludes taxes, insurance, HOA (as of Rates as of Oct 1, 2026) · —
- Homes listed for sale, Chicago metro (Chicago-Naperville-Elgin) — 15,929 active listings, down 5.3% from 16,828 in September 2025 (as of September 2026) · Realtor.com Residential Listings Database via FRED
Thinking about buying or selling in Chicago?
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