 Home sales are down, mortgage rates are up, and buyers are feeling the pinch. This is disappointing for home buyers who've been watching mortgage rates steadily drop over the past four weeks. The average rate on a 30-year fixed mortgage is now up to 6.95%. That means your monthly payment on a typical $400,000 home is going to be $427 more now than it would have been two years ago when we saw those rates closer to 5%. ABC's Elizabeth Schulze. Rates are tied to the Federal Reserve.