Freddie Mac: 30-Year Mortgage Rate Falls to 7.24%, Lowest This Month; 15-Year at 6.60%
Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS) on October 29, showing the 30-year fixed-rate mortgage (FRM) averaged 7.24% for the week ending October 29, 2026, down from 7.32% the week before and the lowest level this month. A year ago at this time, the 30-year FRM averaged 6.17%.
The 15-year FRM averaged 6.60% this week, down from 6.68% last week. A year ago, it averaged 5.41%.
"The average 30-year fixed-rate mortgage declined again this week, reaching its lowest level this month and modestly boosting purchasing power for prospective buyers," said Sam Khater, Freddie Mac's Chief Economist.
It was the second straight weekly decline. The prior week's survey (week ending October 22) had put the 30-year rate at 7.32%, its first weekly drop since August. Even so, at 7.24% the benchmark rate remains more than a full percentage point above its year-ago level of 6.17%.
The latest reading followed the Federal Reserve's October 28 meeting, at which the Federal Open Market Committee voted 10-2 to hold the federal funds target range at 3.75% to 4.00%, with Governor Lisa Cook and Cleveland Fed President Beth Hammack dissenting in favor of a quarter-point increase. The next meeting is scheduled for December 8-9.
The PMMS focuses on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20% down and have excellent credit. Freddie Mac, headquartered in McLean, Virginia, says its mission is to make home possible for families across the nation by promoting liquidity, stability and affordability in the housing market.
Source: GSM · USA (original Chinese edition)
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