Mortgage
What is Mortgage?
A loan used to buy property, with the property itself as collateral.
Understanding Mortgage
If the borrower stops paying, the lender can take the home through foreclosure. In exchange for that security, mortgages usually have lower rates and longer terms than other loans.
A fixed-rate mortgage keeps the same rate for the whole term, often 15 or 30 years. An adjustable-rate mortgage (ARM) starts with a fixed period, then resets periodically with market rates.
In 2026
Freddie Mac's weekly survey put the average 30-year fixed mortgage rate at 7.32% on October 22, 2026, and the 15-year fixed at 6.68%. A year earlier, the 30-year average was about 6.27%. Rates change weekly; check the latest survey before comparing offers.
Sources
FAQ
Is a 15-year or 30-year mortgage better?
A 15-year loan costs far less interest but has higher monthly payments. A 30-year loan is more affordable monthly and more flexible.