Mortgage rates eased a little the week of October 23 and reached their lowest point in about a month, but they're still above 7%. In central Ohio, buyers have more homes to choose from than they've had in about ten years, and prices are still rising slowly. Here's where things stand and what it means if you're thinking about buying, selling or refinancing.
Where Mortgage Rates Are
Average rates as of October 22, 2026, per MortgageNewsDaily:
30-year fixed: 7.30% (down 0.10 from the day before)
15-year fixed: 6.96%
30-year FHA: 6.92%
30-year VA: 6.94%
7/6 adjustable: 6.78%
30-year jumbo: 7.60%
These are national averages. Your actual rate depends on your credit, down payment and loan type.
What moved rates: Tech stocks had a rough week, and when stocks drop, investors often move money into bonds. That pushes mortgage rates down a bit. The 30-year fixed hit its lowest level since September 23.
What that means in dollars: On a $267,400 loan (the Columbus median price with 20% down), the drop from 7.40% to 7.30% saves about $18 a month. Compared with this year's high of 7.61%, it's about $57 a month. A week-to-week move like this isn't worth rushing a decision over.
About the Fed: The Fed announces its next decision October 28. The Fed doesn't set mortgage rates directly. Mortgage rates track the bond market, which reacts to what the Fed says and to new economic data. Rates can go up after a Fed meeting even when the Fed holds steady.
The National Housing Market
According to NAR's September report:
Existing home sales rose 1.5% to a 3.99 million annual pace.
The national median price was $417,500, up 1.3% from a year ago.
Homes for sale: 1.60 million, or 4.8 months of supply, up from 4.5 months a year ago.
Pending sales (homes going under contract) fell 7.3%, so fewer buyers are signing contracts right now.
NAR's chief economist Lawrence Yun put it simply: "Further increases in mortgage rates in recent weeks mean fewer buyers can qualify to purchase a home."
The Central Ohio Housing Market
September 2026 data from the Columbus REALTORS Central Ohio Housing Report:
Median sale price: $334,250, up 2.8% from a year ago
Homes for sale: 6,530, up 12.3% and the most in about ten years
Homes going under contract: down 12.7%
Closed sales: 2,550, down 5.7%
New listings: 3,316, up 2.3%
Median days on market: 33 (30 a year ago)
Months of supply: 2.6 (2.3 a year ago)
Pricing matters more right now. Sellers got 98.8% of their final asking price but only 96.3% of their original asking price, so many homes needed a price cut before they sold. Homes priced right from day one are still selling.
Some areas are bucking the trend. In the Olentangy district (Powell, Lewis Center), sales were up 45.1% with a median price of $589,500. Columbus City Schools and South-Western (Grove City) also closed more homes than last September.
Year to date, central Ohio sales are up 1.3% and the median price is up 3.3% to $340,000. In an October 9 snapshot, 57% of homes for sale were priced under $400,000.
For the full monthly breakdown by county and school district, see my Central Ohio Housing Market Report.
What This Means for Your Timing
If you're buying: You have more choices and more room to negotiate on price, repairs and terms than at any point in the last several years. Rates are still high, so focus on the total monthly payment that works for you, not on trying to time the rate perfectly. More on buying in Columbus.
If you're selling: Demand is still there, and 2.6 months of supply still leans toward sellers. Buyers are pickier, though, and overpriced homes sit until they're reduced. Getting the price right at the start matters more than it did in the spring. More on selling, or get an instant home estimate.
If you're thinking about refinancing: Compare today's rates to your current rate, and factor in closing costs and how long you plan to stay. One week's small drop doesn't change that math much.
What to Watch Next
October 28: Fed rate decision
October 29: Third-quarter economic growth (GDP) and September inflation (PCE)
November 6: October jobs report
November 10: October consumer prices (CPI)
Mid-November: Columbus REALTORS October housing report
If you're weighing a move this winter and want to know what these numbers mean for your neighborhood or price range, let's talk.
Rate data from MortgageNewsDaily.com. National data from NAR. Local data from the Columbus REALTORS Central Ohio Housing Report, September 2026. Information is believed accurate but not guaranteed.