US mortgage rates fall to 7.32% in October 2026

The 30-year fixed mortgage averaged 7.32% in the week to 22 October 2026, down from 7.40%, but still well above the 6.19% of a year earlier.

The facts

• Freddie Mac's Primary Mortgage Market Survey put the average 30-year fixed-rate mortgage at 7.32% in the release of 22 October 2026, down from 7.40% a week earlier.
• The 15-year fixed averaged 6.68%, against 6.71% the week before.
• A year earlier the same two averages stood at 6.19% and 5.44%.
• The weekly path since mid-September runs 6.95% on 17 September, 7.03% on 24 September, 7.28% on 1 October, 7.40% on both 8 and 15 October, then 7.32% on 22 October.
• Sam Khater, Freddie Mac's chief economist, said the decline was "offering some relief to prospective homebuyers".

What it means for your money

• Borrowing is slightly cheaper than last week but far dearer than a year ago. The direction helps; the level still decides.
• Glopra's data puts the US median asking price at $2,400 per square metre and the typical asking rent at $1,948 a month, so at 7.32% it is the rate, not the price, that moves the monthly sum.
• For an owner who locked near 7.40%, every weekly print changes the refinancing arithmetic; the 15-year average sits at 6.68% against 7.32% for the 30-year.

What to watch

• The survey is published weekly on Thursdays; the next print shows whether the 7.40% plateau has broken for good.
• The survey averages rates offered by lenders, not loans actually locked, so an individual quote can land either side of 7.32%.

Sources: Freddie Mac https://freddiemac.gcs-web.com/news-releases/news-release-details/mortgage-rates-decrease-732; Freddie Mac https://www.freddiemac.com/pmms/archive?year=2026

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