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Interest rates are one of the first things people ask me about, whether they’re buying their first home in Huntley or thinking about selling in Crystal Lake. Here’s where rates stand right now, based on official data, and what they can mean for your plans.
This article is for general information only and is not financial advice. Talk with a licensed mortgage lender about your own situation.
Where Mortgage Rates Stand Right Now
According to Freddie Mac’s Primary Mortgage Market Survey (PMMS), as of October 29, 2026:
- The 30-year fixed-rate mortgage averaged 7.24%, down from 7.32% the week before. A year earlier it averaged 6.17%.
- The 15-year fixed-rate mortgage averaged 6.60%, down from 6.68% the week before. A year earlier it averaged 5.41%.
Source: Freddie Mac PMMS. These are national weekly averages for borrowers with strong credit and 20% down. Your rate may be higher or lower depending on your credit, down payment, loan type and lender.
Nobody can say for certain where rates will go next, so I don’t try to predict them. What I can do is help you make a plan that works at today’s numbers.
What This Means for Buyers
Your monthly payment is the number to watch. A rate about a point higher than last year changes what a given loan costs each month. That’s why a lender pre-approval matters so much: it shows you a real budget based on your own rate, not a national average.
Compare loan options. A 15-year loan currently carries a lower average rate than a 30-year, but with higher monthly payments. Your lender can also explain other programs and whether paying points makes sense for you.
Negotiation may be possible. In some price ranges, sellers may be open to concessions, such as credits toward closing costs or a rate buydown. Every situation is different, and your agent can help you figure out what’s reasonable in your market.
Avoid common missteps. Stretching too far, skipping inspections or changing jobs mid-process can all cause problems. I cover these in the biggest mistakes home buyers make.
If you’re still deciding, read Is now a good time to buy a home in 2026? and my step-by-step Illinois home buying guide.
What This Means for Sellers
Higher rates can mean buyers are more focused on monthly payments, so pricing matters. A home that’s priced right for today’s market and shows well tends to get attention. Overpricing and waiting for offers can cost you time.
Before you list, it helps to know where your home stands. Start with a free home value estimate, and look at local data like the Huntley market update. If you’re in McHenry County, Don’t List Your Crystal Lake Home Until You Know the 2026 Number is worth a read.
Should You Wait for Rates to Drop?
That depends on your goals, your timeline and your finances, not just on rates. Some people need to move now for a job, family or a new stage of life. Others have more flexibility. If rates do fall later, refinancing may be an option, but it isn’t guaranteed and comes with costs, so ask your lender to run the numbers.
People also ask
What is the current 30-year mortgage rate?
Freddie Mac’s PMMS reported an average of 7.24% for the 30-year fixed-rate mortgage as of October 29, 2026. Rates are updated every Thursday, and your own rate depends on your credit, down payment and loan.
Are mortgage rates higher than last year?
Yes. A year earlier, Freddie Mac reported a 30-year average of 6.17%, compared with 7.24% in late October 2026.
Should I buy now or wait for lower rates?
It depends on your situation. Nobody can predict rates with certainty. Talk with a lender about your budget and with an agent about local prices so you can decide what works for you.
Let’s Talk Through Your Numbers
I’m Dana Gallagher, a Broker with Berkshire Hathaway HomeServices Starck Real Estate, and I’ve been helping buyers and sellers across the Northwest Suburbs for years. If you want to talk through your options, with no pressure, call or text me at 224-858-0022 or reach out here.
Not financial advice. Rate data from Freddie Mac PMMS as of October 29, 2026. Consult a licensed mortgage professional before making decisions.