The average 30-year mortgage rate was 7.40% on October 15, 2026, according to Freddie Mac, up from 6.27% a year earlier. On a typical Inglewood home, that adds about $370 a month to the payment compared with last fall, which is why buyers are slower and sellers have to price closer to the market.

I’m Jacob Jones, founder of Studio Real Estate and The Jones Group. I live and work in Inglewood, and this month nearly every conversation I have starts with rates. Here’s this week’s economic picture in plain numbers. I don’t predict rates, and this isn’t financial advice. It’s context for your talk with a lender.

Where are mortgage rates right now?

Freddie Mac’s weekly survey for October 15, 2026:

• 30-year fixed: 7.40%, unchanged from the week before. A year ago it was 6.27%.
• 15-year fixed: 6.71%, down from 6.73% the week before. A year ago it was 5.52%.

Those are national averages. Your rate depends on your credit, down payment, loan type and whether you pay points.

How much does 7.4% add to a monthly payment in Inglewood?

Take a $547,000 home, the September 2026 median single-family sale price in 37216 (Realtracs, our local MLS), with 10% down. That’s a $492,300 loan.

• At 6.27% (a year ago): about $3,038 a month for principal and interest.
• At 7.40% (this week): about $3,409 a month.

That’s roughly $371 more every month, before taxes and insurance, for the same house. Put another way, the payment that bought $547,000 last fall buys closer to $490,000 today.

Did the Fed raise rates, and does that set mortgage rates?

Yes, the Fed raised rates. On September 16, 2026, the Federal Reserve raised its benchmark rate by a quarter point to a range of 3.75% to 4%, its first increase since 2023. The Fed said inflation “remains elevated” and the vote was unanimous.

The Fed doesn’t set mortgage rates directly. Mortgage rates follow the bond market, which reacts to inflation, Fed decisions and what investors expect next. The Fed’s next meeting is October 27–28, 2026. Analysts are split between a hold and more increases later. Be wary of anyone who says they know where rates are going.

What’s happening with inflation?

Consumer prices rose 3.7% over the 12 months ending September 2026, according to the Bureau of Labor Statistics (released October 14). Much of that came from energy: gasoline was up 34.2% over the year. Core inflation, which leaves out food and energy, was 2.6%. Shelter costs were up 3.2%.

Why it matters: higher inflation tends to keep the Fed cautious and mortgage rates higher.

How is the Nashville job market holding up?

Steady. Tennessee’s unemployment rate was 3.4% in September 2026, unchanged for a third month, compared with 4.2% nationally (Tennessee Department of Labor and Workforce Development, October 15). The state added 28,400 jobs over the past year. In the Nashville metro, unemployment was 3.1% in July 2026, the latest figure I could find.

Are Nashville property taxes going up this year?

Not the rate. Metro Council kept the property tax rate the same for fiscal year 2027, passing the levy on June 16, 2026. Davidson County reappraised in 2025, so most owners won’t see a new appraised value this year.

This year’s bills went out the first week of October. They’re due by the last day of February 2027. After that, the Metro Trustee adds 1.5% interest a month. In Tennessee, homes are taxed on 25% of the appraised value. On a $547,000 home in the Urban Services District, that’s roughly $3,800 a year. [CONFIRM: FY2027 Urban Services District rate of $2.782 per $100 assessed] Check your exact bill on the Trustee’s site, and talk to a tax pro about your situation.

What this means in Inglewood and East Nashville

• Buyers: Shop the payment, not just the price. In September, 37216 homes that sold spent an average of 39 days on market, up from 30 a year earlier, with about 4 months of supply (Realtracs). That gives you room to ask a seller for a credit toward a rate buydown. Ask your lender to run the numbers both ways.
• Sellers: Buyers are doing the payment math at 7.4%. Homes priced to this week’s market still sell. Our renovation at 2005 Olga Ave went under contract in less than a day in October. Homes priced on last year’s comps tend to sit. A buydown credit can sometimes move a buyer more than a price cut of the same size.
• Everyone: Budget for cash to close, too. My guide to buyer closing costs in Tennessee walks through it with a 37216 example.

Frequently asked questions

What is the average mortgage rate in Nashville right now?

Freddie Mac publishes a national average, not a Nashville one. On October 15, 2026, the 30-year fixed averaged 7.40% and the 15-year averaged 6.71%. Local lenders quote close to that, depending on your credit and down payment.

Did the Federal Reserve raise interest rates in 2026?

Yes. On September 16, 2026, the Fed raised its target range by a quarter point to 3.75%–4%. Its next meeting is October 27–28, 2026.

When are Davidson County property taxes due?

Bills are mailed the first week of October and must be paid by the last day of February to avoid interest.

Should I wait for rates to drop before buying in East Nashville?

Nobody can promise when rates will move. If the payment works for your budget today and you plan to stay a while, waiting isn’t required. If it doesn’t, waiting is a fine choice. Talk to a lender about your own numbers.

Want to run the numbers on a real house?

Call or text me at 630.796.1753 or the office at 615.249.8158, or find me at studiorealestate.co. I’ll send you what’s for sale in Inglewood and East Nashville this week and connect you with a local lender so you can see your own payment. New to the area? Start with my guide to living in Inglewood.

This post is general information, not financial, tax or lending advice. Talk to a lender about your loan and a tax pro about your taxes.

Studio Real Estate · 1092 Haysboro Ave, Nashville, TN 37216 · Firm license #267365