Mortgage Rates Reach 7.40% as Select Bank Deposit Rates Rise

Mortgage Rates Reach 7.40% as Select Bank Deposit

Rates Rise

Executive summary. The latest first-party refresh shows selective deposit repricing rather than a market-wide surge.

Among 47 strict exact-comparable observations, six APYs rose, one fell and 40 were unchanged. EverBank posted the largest verified increase, a 95-basis-point move in its 24-month CD, while its seven-month CD fell 50 basis points.

Meanwhile, Freddie Mac’s 30-year mortgage benchmark climbed to 7.40%. Coverage expanded from 59 to 64 institutions.

1 | Rate environment

Deposit pricing is mixed but mostly unchanged in the strict comparable panel: six increases, 40 unchanged rates and one cut, representing 12.8% rising, 85.1% unchanged and 2.1% falling. The sample is concentrated in a handful of institutions, so these proportions should not be described as national bank-rate breadth. Borrowing conditions remain expensive: mortgage rates rose for the week even though the 2-, 5- and 10-year Treasury yields fell on October 8.

2 | Today’s numbers

*SOFR: latest independently corroborated New York Fed fixing at the time of publication. All market benchmarks show observation dates rather than implying October 9 rates are already published.

3 | Biggest verified moves

The strict matched panel contains 47 observations: 6 increases, 40 unchanged and 1 cut. These changes were identified in the October 9 refresh; some earlier rates were last checked September 24, so the movements should not be described as having occurred overnight.

Seven-day context (Oct. 3–9): these six increases and one cut are the strict changes newly verified in that window; no complete seven-day industry breadth is available. The eight Marcus increases identified October 2 fall outside this seven-day window.

Audit qualification: the 5 AM workbook flags 11 changes, but four are withheld from strict breadth: two CommunityWide savings changes have differing eligibility/geography metadata between observations, and two Ally CD changes lack a confirmed matching maturity. These remain review items, not published exact-comparable movements.

4 | Where savers are winning

Higher undated and aging observations are not advertised as fresh current leaders. In particular, a 4.75% Securityplus money-market observation lacks a published effective date, while the 4.05% CFG money-market rate is aging.

5 | Borrower watch

Freddie Mac’s October 8 survey placed the 30-year mortgage average at 7.40%, up 12 basis points from 7.28% a week earlier; the 15-year average increased 13 basis points to 6.73%. The 30-year mortgage-to-10-year Treasury spread is approximately 218 basis points, up from about 200 basis points using the prior week’s mortgage rate and October 7

Treasury yield. Prime remains 7.00%. SOFR’s latest corroborated reading is 3.88%, two basis points below the preceding

3.90% fixing.

6 | Yield curve and CD strategy

The best fresh six-month CD approximately matches the Treasury par yield. Longer Treasuries lead the strongest captured CDs by 15–57 basis points. Treasury par yields and deposit APYs are different yield conventions, and the comparison omits tax differences, early-withdrawal penalties, secondary-market price exposure and deposit-insurance considerations.

7 | Bank behavior

The seven strict rate changes were concentrated in two online-oriented banks: EverBank (four increases and one cut) and Ally (two increases). The other 40 strict comparisons were unchanged. The fresh 12-month CD panel contains seven banks averaging 3.54% and two credit unions averaging 3.85%; these are small, uneven groups, not representative national averages. There is insufficient fresh, matched large-national-bank coverage to calculate a reliable

Online-vs-National Bank Premium or to establish which institution class moves fastest nationally.

8 | OnlineBankRates takeaway

Savers are seeing selective improvements, not a market-wide jump in deposit rates. EverBank increased several products, including a 95-basis-point rise in its 24-month CD, but it also reduced its seven-month CD by 50 basis points.

The strict comparable panel still shows 40 unchanged rates out of 47 observations. Fresh liquid savings reaches 4.20%, while the strongest captured two-year CD pays 4.60%. Treasuries offer higher nominal yields at most longer maturities, so locking money away does not necessarily produce the highest quoted return. Borrowers face a different challenge: the average 30-year mortgage rate rose to 7.40% even as Treasury yields eased Thursday. Consumers should compare exact terms, account eligibility, withdrawal penalties and the effective date behind every advertised APY.

9 | Data coverage and proprietary metrics

Proprietary metrics | v2 methodology

Index interpretation. Yesterday’s v2 values were 2.97% for savings and 3.97% for 12-month CDs. Today’s 3.33% and 3.61% reflect changing fresh-only institution coverage as well as observed pricing. They are not a pure like-for-like rate-change series. Index history must preserve both methodology version and daily institution composition.

Data and methodology disclosure

Production APYs come only from institution-owned rate disclosures in the 5 AM OnlineBankRates collection. Fresh = official effective date within 0–7 days; aging = 8–30 days; stale = more than 30 days; undated = no official effective date. Exact-comparable breadth requires matching institution, product, term, balance tier, relationship and geographic eligibility; ambiguous comparisons are excluded. Savings and CD indexes average the highest eligible fresh rate once per institution. Best Cash Yield excludes checking and stale/undated offers. Rate changes represent differences between verified observations, not necessarily changes made on the observation date. The data collection checked 58 known source URLs for reachability but numerically recaptured only 16 institutions; eight source fetches failed. The report is informational and not personalized financial advice.

Primary sources and verification

Benchmarks: U.S. Treasury - October 8 yield curve | Federal Reserve - October 8 H.15 release (through Oct. 7) | New York Fed - SOFR methodology and rates | Freddie Mac - October 8 mortgage survey

Bank rate disclosures: EverBank official deposit rates | Ally official deposit rates | Newtek official deposit disclosures | Happen official deposit rates | Marcus official CD rates | FNBA official deposit rates

Internal dataset: OnlineBankRates_Daily_Organic_2026-10-09.xlsx; collected 5 AM Central, October 9, 2026. Historical observations retained append-only.

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Linked source evidence

• https://freddiemac.gcs-web.com/news-releases/news-release-details/mortgage-rates-average-740
• https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve&field_tdr_date_value_month=202610
• https://www.ally.com/bank/view-rates
• https://www.everbank.com/rates
• https://www.federalreserve.gov/releases/h15/
• https://www.fnba.com/deposit-rates/online/
• https://www.happen.com/personal-deposits/account-rates
• https://www.marcus.com/us/en/savings/high-yield-cds/cd-explorer
• https://www.newtekbank.com/rates-disclosure/
• https://www.newyorkfed.org/markets/reference-rates/sofr

Archive note: Coverage, historical counts, indexes, and market benchmarks above describe the supplied collection report, not the website’s total holdings or a new check of every institution. Rates and restrictions may have changed since the stated dates.