Mortgage Rates This Week and What They Mean for a Cedar City Payment (Oct 23, 2026)
By Scott Jolley, Realtor, Scott Jolley Team | Fathom Realty, Cedar City, Utah. Published October 23, 2026. Data through October 22, 2026.
The short version: Freddie Mac's 30-year fixed average fell to 7.32% this week (October 22, 2026), down from 7.40% last week but up from 6.19% a year ago. On a $399,450 home, the September 2026 Iron County median, with 20% down, that works out to about $2,195 a month in principal and interest, roughly $17 less than last week. Every quarter point is worth about $55 a month on that loan.
Where are mortgage rates this week?
Rates eased a little. Freddie Mac's Primary Mortgage Market Survey, released Thursday, October 22, 2026, showed the 30-year fixed average at 7.32% and the 15-year fixed at 6.68%.
| Measure | This week (Oct 22, 2026) | Last week | One year ago |
|---|---|---|---|
| 30-year fixed average | 7.32% | 7.40% | 6.19% |
| 15-year fixed average | 6.68% | 6.71% | 5.44% |
| 30-year P&I on $319,560 loan* | $2,195 | $2,213 | $1,955 |
| 15-year P&I on $319,560 loan* | $2,815 | $2,821 | $2,601 |
*Loan = $399,450 Iron County median sale price (September 2026, Utah Association of REALTORS) minus 20% down. Principal and interest only; property taxes, homeowners insurance and HOA dues are not included. My own calculation.
What does that mean for a Cedar City monthly payment?
It means about $2,195 a month in principal and interest for a median-priced home. I used the $399,450 median from my September 2026 Iron County market update. With 20% down, the loan is $319,560. At 7.32% over 30 years, that's about $2,195. A year ago, at 6.19%, the same loan ran about $1,955, so today's buyer pays roughly $240 more per month.
How much does a quarter-point move change the payment?
About $55 a month, either way. If the 30-year average dropped 0.25 to 7.07%, principal and interest on the $319,560 loan falls to about $2,141. If it rose 0.25 to 7.57%, it climbs to about $2,250. That's a useful yardstick when weighing a rate buydown against a price cut.
What should buyers take from this?
Focus on the payment, not the headline rate. This week's dip saves about $17 a month; your price, down payment and negotiation matter more. In my September update, Iron County closings were down 28.3% from a year earlier, which tells me buyers have room to talk about price, closing costs or a seller-paid rate buydown. My post on how much income you need to buy a home in Cedar City walks through the qualifying math.
What should sellers take from this?
Buyers are shopping by monthly payment, so price with that in mind. At today's rates, every $10,000 of price is roughly $55 a month in principal and interest for a buyer putting 20% down. A credit toward a rate buydown can widen your buyer pool without a big price cut. Iron County's year-to-date median was still up 3.4% through September, so well-prepared, well-priced homes are holding value.
Frequently asked questions
Did mortgage rates go down this week?
Yes. Freddie Mac's survey released October 22, 2026 put the 30-year fixed average at 7.32%, down from 7.40% the week before. The 15-year fixed average slipped to 6.68% from 6.71%.
What is the monthly payment on a median-priced Cedar City home right now?
About $2,195 a month in principal and interest at 7.32% on a 30-year loan, based on the September 2026 Iron County median sale price of $399,450 with 20% down ($319,560 loan). Taxes, insurance and any HOA dues are extra.
How much does a quarter-point rate change move the payment?
On a $319,560 loan, a 0.25-point drop to 7.07% lowers principal and interest to about $2,141, roughly $54 less per month. A 0.25-point rise to 7.57% adds about $55, to roughly $2,250.
This post is general market information, not a loan offer or a rate quote. Your rate and payment depend on your credit, loan type, down payment and other factors. Talk with a licensed mortgage lender for a quote.
What should you do next?
If you're thinking about buying or selling in Cedar City, Enoch or anywhere in Iron County, call or text me at (435) 701-0148. I'll help you run your own numbers. Moving here from out of the area? Start with my Cedar City relocation guide or browse area communities.
About the author
Scott Jolley is a Realtor with the Scott Jolley Team at Fathom Realty in Cedar City, Utah, licensed in Utah since 2015. He previously worked in mortgage lending and served as President & CEO of the Cedar City Area Chamber of Commerce. More about Scott.
Sources
- Freddie Mac, Primary Mortgage Market Survey, rates as of October 22, 2026. freddiemac.com/pmms (accessed October 23, 2026).
- Freddie Mac news release, "Mortgage Rates Decrease to 7.32%," October 22, 2026. freddiemac.gcs-web.com (accessed October 23, 2026).
- Utah Association of REALTORS, Local Market Updates, September 2026, Iron County. uar.stats.showingtime.com (accessed October 23, 2026).
- Payment figures: Scott Jolley's calculation using standard amortization; principal and interest only.
