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 Brainerd, Baxter, Pequot Lakes, Nisswa, Crosslake, Breezy Point and the rest of Crow Wing County.
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. A year ago it was 5.52%.
Freddie Mac says the survey averages rates offered from the previous Thursday through Wednesday. The Federal Reserve Bank of St. Louis FRED series for the same week matches both figures. The averages cover conventional, conforming home-purchase loans for borrowers with good to excellent credit who put 20% down. The rate any buyer is offered still depends on credit, down payment, loan type and lender.
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 on a Crow Wing County home.
Tips for buyers in Crow Wing County
- Compare more than one lender. Ask each for a Loan Estimate and compare the interest rate, fees and closing costs side by side.
- 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 in Brainerd or the lakes towns.
- Factor in lake-home costs. Shoreline properties can carry different taxes, insurance and seasonal maintenance than a year-round house in town—ask for the current tax statement early.
Sources: Freddie Mac — Primary Mortgage Market Survey; FRED — 30-Year Fixed Rate Mortgage Average; FRED — 15-Year Fixed Rate Mortgage Average. 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.
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Sponsored by Dan DeMark, Realtor | LPT Realty (goldenrulerealestateservices.com). Buying or selling in Crow Wing County or the Brainerd Lakes area? Contact Dan for a real valuation and help understanding what you’ll pay before you make a move.
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