The 30-year mortgage rate 7.24% reading is the lowest of October. Freddie Mac’s Primary Mortgage Market Survey reported the average 30-year fixed-rate mortgage at 7.24% as of Oct. 29, down from 7.32% the week before and up from 6.17% a year earlier. The 15-year fixed rate was 6.60%, down from 6.68% a week ago and 5.41% a year earlier.
What the 30-year mortgage rate 7.24% means for a payment
| Rate | Monthly principal and interest on $400,000 |
|---|---|
| 7.24% (Oct. 29) | $2,726 |
| 7.32% (a week earlier) | $2,748 |
| 6.17% (a year earlier) | $2,442 |
Payments are the desk’s own calculation for a 30-year fixed loan, before taxes, insurance and fees. Rates are from Freddie Mac, checked Oct. 29, 2026.
The week-over-week drop saves about $22 a month on a $400,000 loan. The year-over-year gap is far larger: the same loan costs about $284 more each month than it would have at last year’s 6.17%.
Why rates eased
Freddie Mac publishes its survey on Thursdays at noon Eastern, based on rates from the prior Thursday through Wednesday. Mortgage rates tend to follow Treasury yields, and the 10-year yield closed at 4.98% on Oct. 29, below 5% after a 5.05% close the day before, according to our note on Treasury data. The Federal Reserve also held rates this week, as covered in what the hold means for mortgages.
Where to follow mortgage rates
This site keeps one running page on the topic, Mortgage Rates Today, which carries the worked examples and the history.
Editor’s take
Watch the year-over-year gap, not the weekly move. A 0.08-point drop is welcome but small, while a 1.07-point gap to last year is what keeps affordability stretched. Rates would need to fall by much more than a few hundredths a week to change the math for buyers.
