US mortgage rates fall to 7.24% in October 2026

Freddie Mac put the average 30-year fixed mortgage at 7.24% on 29 October 2026, a second weekly fall, yet still 1.07 points above the 6.17% of a year earlier.

The facts

Freddie Mac's weekly survey put the average 30-year fixed-rate mortgage at 7.24% on 29 October 2026, down from 7.32% a week earlier.
A year earlier the same rate stood at 6.17%, so the gap is 1.07 percentage points.
The 15-year fixed rate eased to 6.60% from 6.68%, against 5.41% a year earlier.
Chief Economist Sam Khater described the 30-year rate as reaching its lowest level this month.
The 15-year rate sits 0.64 points below the 30-year, while the same spread was 0.76 points a year ago.

What it means for your money

Borrowing is cheaper than last week and far dearer than last year. Entry costs have eased, not reset.
Financing cost is what the rent has to cover. The Glopra data put the US average at 369,678 USD a home against 1,948 USD a month in rent, a gross yield of 6.32%, so a 7.24% mortgage still prices above the income the property produces.
For an owner already holding a fixed rate taken a year ago at 6.17%, this week changes nothing; it changes the arithmetic only for a new purchase or a refinancing.

What to watch

Next week's survey, and whether a third consecutive fall follows.
The spread between the 15-year and 30-year rates, now 0.64 points after 0.76 a year ago.
Freddie Mac surveys lender offers for prime conventional borrowers, so an investment-property loan prices above these levels.

Sources: Freddie Mac https://freddiemac.gcs-web.com/news-releases/news-release-details/mortgage-rates-decline-further-724; Freddie Mac https://www.freddiemac.com/pmms

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