Real Estate

Mortgage Rates Fall to 7.24%, Lowest in a Month

  • by- Grihik
  • Oct 30, 2026
Freddie Mac's 30-year rate fell to 7.24% from 7.32%, the lowest this month. See what it saves and why it is still $213 above last year.
Mortgage Rates Fall to 7.24%, Lowest in a Month

The average 30-year fixed mortgage rate fell to 7.24% this week from 7.32%, Freddie Mac reported on Thursday. That is the second straight weekly decline and the lowest reading of the month, though the rate is still 1.07 points above a year ago.

What are the key numbers?

  • 30-year fixed: 7.24% (7.32% last week; 6.17% a year ago)

  • 15-year fixed: 6.60% (6.68% last week; 5.41% a year ago)

  • Range: the 52-week high is 7.40% and the low is 5.98%

What does the drop save?

On a $300,000 loan, 7.24% instead of the 7.40% peak saves about $33 a month, or roughly $400 a year. The payment is still about $2,045 a month, compared with about $1,832 a year ago, which is $213 more. Since the 5.98% low in February, it is roughly $250 more a month (all our calculations).

What does Freddie Mac say?

Chief economist Sam Khater said the 30-year rate declined again and reached its lowest level this month, modestly boosting purchasing power for prospective buyers.

 

Why did rates fall?

Treasury yields eased through much of the week, though the Fed's decision on Wednesday pushed long-term yields up again slightly after a 10-2 vote to hold. The 10-year yield was about 5.04% after the Fed.

What does it mean for buyers?

Buyers have a bit more room than a month ago, but the market remains weak. The MBA's survey showed purchase applications still 18% below last year, and Redfin shows pending sales at a record low.