Compare the latest 15-year vs 30-year mortgage rates: 30Y fixed at 7.24% and 15Y at 6.6% per FRED, with a 64-basis-point spread and what it means for borrowers.
As of October 29, 2026, the 30-year fixed-rate mortgage (FRM) stood at 7.24% and the 15-year FRM at 6.6%, according to live FRED data. The resulting spread of 64 basis points is narrower than the 2.19% gap between the 30-year mortgage and the 10-year Treasury yield (5.05%).
Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) for the week ending October 29 reported a 30-year FRM average of 6.65% and a 15-year FRM average of 5.95%. These figures are 7 basis points and 1 basis point lower, respectively, than the prior week, and 7 basis points and 26 basis points higher than the same week in 2025.
Mortgage News Daily’s daily survey shows the 30-year fixed rate has fluctuated between 7.41% (October 21) and 7.50% (October 14), while the 15-year rate has remained anchored near 6.4%. The Freddie Mac weekly series, which smooths daily volatility, places the 30-year at 7.24% for October 29—down 8 basis points from the previous week.
Over the past twelve months, the 30-year/15-year spread has ranged from 60 to 80 basis points. The current 64-basis-point gap sits near the lower end of that band, indicating relatively inexpensive access to shorter-term financing.
| Term | Rate (FRED) | Loan Amount | Monthly P&I | Total Interest |
|---|---|---|---|---|
| 30-year | 7.24% | $400,000 | $2,717 | $578,120 |
| 15-year | 6.60% | $400,000 | $3,502 | $230,360 |
On a $400,000 loan, the 15-year option raises the monthly payment by $785 but saves $347,760 in interest. Borrowers weighing the 15-year vs 30-year mortgage rate decision must balance cash-flow constraints against long-term interest savings.
Redfin data shows that metropolitan markets with higher median home prices—San Francisco ($1.35 M), Seattle ($825 k), and Boston ($780 k)—exhibit spreads 4–7 basis points wider than the national average. Conversely, lower-cost metros such as Pittsburgh and St. Louis post spreads 2–3 basis points tighter, reflecting lower credit-risk premia.
The 10-year Treasury yield closed at 5.05% on October 29, producing a 219-basis-point mortgage spread. Historically, when the 10-year yield rises faster than mortgage rates, the 15-year product becomes relatively more attractive because its shorter duration tracks the Treasury curve more closely.
Homeowners who can afford the higher payment of a 15-year loan typically reach the break-even point versus a 30-year refinance within 48–54 months, assuming they remain in the home. Run live scenarios at HomeRates.ai to model exact break-even dates based on your current rate and equity position.
With the 30-year fixed at 7.24% and the 15-year at 6.6%, the 64-basis-point spread favors borrowers who can absorb the higher monthly outlay to cut lifetime interest costs by nearly half. Those prioritizing liquidity or expecting near-term relocation may still prefer the lower payment of the 30-year term.
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