30-year mortgage rate falls to 7.24%, lowest in over a month, as weekly declines continue

The average rate on a 30-year fixed mortgage fell to 7.24% this week, its lowest point in more than a month, according to Freddie Mac's Primary Mortgage Market Survey released October 29, 2026 — the second consecutive weekly decline and a development the government-backed mortgage giant says has "modestly boosted purchasing power for prospective buyers."

The rate dropped 8 basis points from 7.32% the prior week, according to the survey, which draws on thousands of loan applications submitted to Freddie Mac through its Loan Product Advisor platform from lenders — a mix of credit unions, commercial banks, and mortgage lending companies — across the country.

The 15-year fixed rate also eased, falling to 6.60%, according to the survey. For buyers who locked in a year ago, the comparison is stark: the 30-year rate averaged 6.17% at the same point in 2025, meaning today's borrowers are paying significantly more each month on the same loan amount.

Readers tracking rates from other sources may see slightly different figures. The Bankrate Monitor National Index, published through the Federal Reserve Bank of St. Louis's FRED database, showed the 30-year fixed rate at 7.31% as of October 28, 2026. That difference reflects methodology: Bankrate surveys the 10 largest banks and thrifts in 10 large U.S. markets each week, while Freddie Mac's survey aggregates actual loan application data from lenders nationwide. Neither figure is wrong — they are measuring the same market through different lenses.

Freddie Mac has tracked the 30-year fixed rate through its Primary Mortgage Market Survey since April 1971. In November 2022, it updated its methodology, moving from a direct lender survey to pulling data from loan applications submitted through its Loan Product Advisor system. The survey covers conventional, single-family purchase mortgages with conforming loan limits as set by the Federal Housing Finance Agency, and is based on borrowers with good to excellent credit putting 20% down on owner-occupied, single-unit properties.

The current rate remains well above the lows seen earlier in 2026, when the 30-year rate approached 6%, and the two-week dip has not yet reversed the broader trend of elevated borrowing costs that has weighed on housing affordability. The next Freddie Mac survey is scheduled for release November 5, 2026.

Why it matters — For anyone buying or refinancing a home, even a small shift in the 30-year rate changes monthly payments and how much house a given income can afford — and this week's dip is the lowest borrowing cost in over a month.

Reported by freddiemac.com, fred.stlouisfed.org