Mortgage Rates Hit 7.40%: Buy, Wait, or Rent Right Now?

7.40%. That's the average 30-year mortgage rate this week — up from 6.27% a year ago. On a $400,000 loan, that's $302/month more, or $109,000 in extra interest over 30 years. So the real question: should you buy now, wait, or keep renting? In this video: the exact payment math, why rates are stuck above 7%, the lock-in effect freezing the market (~7 in 10 mortgages sit below 5%), the honest case for each option, a 5-move checklist if you buy, and the one-line verdict that cuts through the noise. Chapters: 00:00 The shock open: 7.40% 01:03 What $400K costs now 02:11 Why rates are here (bond yields) 03:19 The lock-in freeze 04:22 The case for buying now 05:31 The case for waiting 06:27 The case for renting 07:28 The 5-move checklist 08:28 The one-line verdict 09:17 Recap + what's next Figures: Freddie Mac PMMS (week ending Oct 15, 2026): 30-yr fixed 7.40%, 15-yr 6.71%; lock-in data via Realtor.com/FHFA analysis. Figures verified at production. Related: our bond-yields breakdown explains the force driving these rates. Tomorrow: the full Rent vs Buy math. DISCLOSURES: Narrated by an AI voice. Educational content only — not financial advice. Consult a licensed professional for decisions about your situation. Tags: #mortgagerates #homebuying #realestate #personalfinance #mortgage #firsttimehomebuyer #interestrates #rentvsbuy #housingmarket #moneytips #financialeducation #homeownership #investing #economy #finance