Mortgage rates held steady this week. Freddie Mac’s weekly Primary Mortgage Market Survey, released Thursday, Oct. 15, 2026, shows the average 30-year fixed rate unchanged at 7.40% and the 15-year rate down slightly. Here is what the numbers mean for buyers in St. Cloud, Sartell, Sauk Rapids, St. Joseph, Waite Park and the rest of Stearns and Benton counties.
This week’s mortgage rates
According to Freddie Mac, for the week of Oct. 15, 2026:
- 30-year fixed: 7.40% on average, unchanged from 7.40% the week before. A year ago it was 6.27%.
- 15-year fixed: 6.71% on average, down from 6.73% the week before (down 0.02 percentage point). A year ago it was 5.52%.
Freddie Mac says the survey averages rates offered from the previous Thursday through Wednesday. The figures are national averages for conventional, conforming home purchase loans for borrowers with good to excellent credit who put 20% down. The rate a buyer is offered depends on credit, down payment, loan type and lender. Last week’s numbers are in our Oct. 9 mortgage rates post.
What the rate means in dollars
Here is a simple example on a $300,000 loan, principal and interest only:
- 30-year at 7.40%: about $2,077 a month
- 30-year at 6.27% (the average a year ago): about $1,851 a month, or roughly $226 less
- 15-year at 6.71%: about $2,648 a month, with the loan paid off in half the time
These figures are our own calculations from the weekly averages. They leave out property taxes, homeowners insurance, mortgage insurance and any association dues, which all add to the real monthly payment.
Tips for buyers in Stearns and Benton counties
- Compare more than one lender. Ask each for a Loan Estimate and compare the interest rate, fees and closing costs side by side, not just the rate.
- Ask about rate locks. Find out how long a lender will hold a quoted rate and whether there is a cost to extend it if closing is delayed.
- Get preapproved before you shop. A preapproval letter shows sellers you are ready and tells you what payment range fits your budget.
- First-time buyer? Minnesota Housing’s Start Up program offers first mortgages and down payment loans through participating lenders. Read our Minnesota Housing guide.
- Budget for the whole house. Property taxes and upkeep matter as much as the rate. Our fall home prep checklist covers items worth asking about on a showing.
- Get a real valuation. Online estimates can miss a home’s condition and recent sales nearby. A local agent can pull comparable sales for a specific property.
Sources: Freddie Mac Primary Mortgage Market Survey (Oct. 15, 2026); Federal Reserve Bank of St. Louis FRED data for the 30-year and 15-year averages. Checked Oct. 16, 2026.
Market figures and rates change often and are for general information only. Contact a licensed professional for advice on your situation.
Equal Housing Opportunity. We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation.
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Sponsored by Dan DeMark, Realtor | LPT Realty (goldenrulerealestateservices.com). Thinking about buying or selling in St. Cloud, Sartell, Sauk Rapids, St. Joseph, Waite Park or anywhere in Stearns or Benton County? Contact Dan for a real valuation of your home or help finding your next one.
Central MN Buzz is brought to you by Dan DeMark, Realtor | LPT Realty (goldenrulerealestateservices.com), illuminet and StarShot.
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