Mortgage rates eased this week. The average 30-year fixed rate fell to 7.32% in Freddie Mac’s weekly survey released Thursday, Oct. 22, 2026, down from 7.40% the week before. Here is what that means for buyers and owners in Stearns and Benton counties.
This week’s mortgage rates
- 30-year fixed: 7.32%, down from 7.40% last week. A year ago it averaged 6.19%.
- 15-year fixed: 6.68%, down from 6.71% last week. A year ago it averaged 5.44%.
“The average 30-year fixed-rate mortgage declined this week, offering some relief to prospective homebuyers,” said Sam Khater, Freddie Mac’s chief economist.
Freddie Mac’s Primary Mortgage Market Survey averages rates on applications from lenders across the country for borrowers who put 20% down and have excellent credit. Rates you are quoted can be higher or lower depending on your credit, down payment, loan type and points.
What the rate means in dollars
On a $300,000 loan, monthly principal and interest (not counting taxes, insurance or mortgage insurance) works out to about:
- 30-year at 7.32%: about $2,061 a month, roughly $16 less than at last week’s 7.40%.
- 30-year at 6.19% (a year ago): about $1,835 a month.
- 15-year at 6.68%: about $2,643 a month, with the loan paid off in half the time.
These are our own calculations using the survey averages and are rounded to the nearest dollar.
The local picture
In September 2026, Stearns County recorded 183 closed sales with a median sale price of $316,250, and Benton County recorded 38 closed sales with a median of $297,575, according to Minnesota Realtors local market updates. See our full September home sales report.
Tips for buyers and owners
- Shop more than one lender. Compare loan estimates on the same day so the rates and fees line up.
- Ask about a rate lock. Find out how long a lock lasts and what it costs to extend it.
- First-time buyer? Read our guide to Minnesota Housing’s Start Up program.
- Bought this year? Apply for homestead by Dec. 31. See our homestead deadline guide.
- Last week’s numbers: Mortgage rates, Oct. 16 edition.
Sources: Freddie Mac Primary Mortgage Market Survey (released Oct. 22, 2026); Federal Reserve Bank of St. Louis FRED: 30-year and 15-year fixed rate averages; Minnesota Realtors Local Market Updates, September 2026: Stearns County and Benton County. Checked Oct. 23, 2026.
Market figures and rates change often and are for general information only. Contact a licensed professional for advice on your situation.
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