Weekly Real Estate News
Mortgage rates declined for a second consecutive week, giving prospective homebuyers a modest reprieve after borrowing costs climbed earlier in October.
The average 30-year fixed-rate mortgage fell to 7.24% for the week ending October 29, down from 7.32% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey. The average 15-year fixed rate declined to 6.60% from 6.68%.
Rates remain well above last year’s levels
The 30-year average was 6.17% at the same point in 2025, while the 15-year average was 5.41%. Despite the latest decline, both products remain substantially more expensive than a year ago.
Freddie Mac chief economist Sam Khater said the 30-year rate had reached its lowest level this month, modestly improving purchasing power for buyers.
On a hypothetical $400,000 mortgage, the difference between 7.32% and 7.24% is roughly $22 per month in principal and interest, assuming a 30-year term. That calculation excludes taxes, insurance, fees and other ownership costs, and individual quotes will differ from survey averages.
What the survey measures
Freddie Mac’s survey reflects rates from mortgage applications submitted through its Loan Product Advisor system during the prior Thursday-to-Wednesday period. It is not a real-time quote or a measure of every mortgage available in the market.
The survey focuses on conventional, conforming, fully amortizing purchase mortgages for borrowers with excellent credit and 20% down payments. Borrowers with different profiles may receive materially different offers.
The weekly retreat may help some buyers qualify or reduce monthly payments, but affordability remains strained by elevated home prices and borrowing costs. Sellers with older, substantially lower fixed rates may also remain reluctant to move.
Source: Freddie Mac Primary Mortgage Market Survey, October 29, 2026.
