Data Analysis

Freddie Mac's average 30-year fixed mortgage rate fell to 7.32 percent in the week ending October 22, 2026, from 7.40 percent the prior week, but remains 1.13 percentage points above the 6.19 percent of a year earlier.

The 30-year rate eased after two weeks at 7.40 percent, the highest since late 2023. The 15-year fixed slipped to 6.68 percent from 6.71 percent.

Freddie Mac's average 30-year fixed mortgage rate was 7.32 percent in the week ending October 22, 2026, down from 7.40 percent the week before and up from 6.19 percent a year earlier. The 15-year fixed rate averaged 6.68 percent, down from 6.71 percent a week earlier and up from 5.44 percent a year ago. The decline ends a run in which the 30-year average held at 7.40 percent for two straight weeks, on October 8 and October 15. Freddie Mac published the survey on Thursday, October 22, under the headline that mortgage rates decreased.

What is the average mortgage rate this week?

Freddie Mac's Primary Mortgage Market Survey put the 30-year fixed-rate average at 7.32 percent for the week ending October 22, 2026, and the 15-year fixed-rate average at 6.68 percent. Freddie Mac described the decline in the 30-year rate as offering some relief to prospective homebuyers.

The survey is a weekly average of rates on conventional, conforming, fully amortizing loans for borrowers who put 20 percent down and have excellent credit. It reflects rates on applications submitted to Freddie Mac by lenders across the country. Individual quotes vary by credit score, down payment, loan type, points paid and the day the rate is locked, so a borrower's own quote can sit above or below the survey average.

How did rates move over the past three weeks?

The 30-year average rose to 7.40 percent in the week ending October 8, up from 7.28 percent on October 1. Our October 8 article noted that 7.40 percent was the highest reading since the week ending November 16, 2023. The average was unchanged at 7.40 percent in the week ending October 15, and fell 8 basis points to 7.32 percent on October 22.

The 15-year rate followed a similar path. It averaged 6.73 percent on October 8, 6.71 percent on October 15 and 6.68 percent on October 22.

A single weekly decline does not establish a trend. The 30-year rate is still well above its 2026 low of 5.98 percent, reached in the week ending February 26, and has spent most of the period since then climbing, as the chart shows.

How much more does a mortgage cost than a year ago?

The gap between this week's 30-year rate and the year-earlier rate is 1.13 percentage points. To put that in dollars, take a buyer financing a home at Florida's September single-family median sale price of $415,000, as reported by Florida Realtors, with 10 percent down. That leaves a loan of $373,500.

At 7.32 percent, principal and interest on a 30-year fixed loan of that size comes to about $2,566 a month. At 6.19 percent, the year-ago average, the same loan costs about $2,285, a difference of about $281 a month or roughly $3,370 a year. At the February low of 5.98 percent, the payment would be about $2,235. These figures exclude property taxes, homeowners insurance, flood insurance, mortgage insurance and association dues, which add substantially to Florida housing costs. Our escrow shortage calculator covers the tax and insurance side of the payment.

Why are mortgage rates this high?

Freddie Mac's weekly release does not explain the level of rates. Two other recent federal and industry releases help frame it. The Bureau of Labor Statistics reported on October 14 that the Consumer Price Index rose 3.7 percent over the 12 months ended in September, with energy prices up 20.4 percent, and the University of Michigan reported on October 23 that consumers' year-ahead inflation expectations rose to 4.7 percent. Mortgage rates tend to track longer-term Treasury yields, which respond to inflation and inflation expectations. Our September CPI article and October consumer sentiment article cover both releases.

The Federal Open Market Committee meets on October 27 and 28. The Fed sets a short-term policy rate and does not set mortgage rates directly.

What does 7.32 percent mean for Florida buyers and sellers?

Higher rates have already shown up in contract activity. The National Association of Realtors reported on October 20 that pending home sales fell 7.3 percent nationally in September and 8.2 percent in the South, the region that includes Florida, and NAR's chief economist Lawrence Yun attributed the weakness to fast-rising mortgage rates. Florida Realtors reported that new pending single-family sales in Florida fell 7.6 percent from a year earlier in September, while the median sale price held at $415,000.

For buyers, the practical step is the same as in any week: compare quotes from more than one lender on the same day, since daily rates move around the weekly average. Sellers in markets with more listings than buyers face shoppers whose budgets were set at lower rates earlier in the year. Local listing and price data are on the Miami, Orlando, Tampa and Jacksonville market pages and the Florida housing tracker.

When is the next mortgage rate survey?

Freddie Mac publishes the Primary Mortgage Market Survey on Thursdays at noon ET. The next survey is scheduled for Thursday, October 29, 2026. Freddie Mac's publication calendar moves the Thanksgiving week release to Wednesday, November 25.

People also ask

What is the 30-year mortgage rate today?

Freddie Mac's survey for the week ending October 22, 2026 put the average 30-year fixed rate at 7.32 percent, down from 7.40 percent a week earlier and up from 6.19 percent a year ago.

What is the 15-year mortgage rate this week?

The 15-year fixed averaged 6.68 percent in the week ending October 22, 2026, down from 6.71 percent the prior week and up from 5.44 percent a year earlier.

Are mortgage rates going down?

The 30-year average fell 8 basis points this week after two weeks at 7.40 percent. One weekly decline is not a trend, and the rate remains above its year-ago level and its 2026 low of 5.98 percent.

How much is the monthly payment on a $373,500 loan at 7.32 percent?

Principal and interest on a 30-year fixed loan of $373,500 at 7.32 percent is about $2,566 a month, compared with about $2,285 at the year-ago rate of 6.19 percent. Taxes and insurance are extra.

Limitations

The Freddie Mac survey is a national weekly average for borrowers with strong credit and 20 percent down, so it does not describe the rate any particular borrower will receive, and it has no Florida breakdown. Payment estimates are Momentum Research calculations of principal and interest only, using a 10 percent down payment for illustration, and exclude taxes, insurance and fees. The chart's weekly values through October 8 come from the series used in our October 8 article; small differences of a basis point can arise from rounding. The NAR, BLS, University of Michigan and Florida Realtors figures cited for context use different methods and periods, and none of them establishes how much of any change in sales is caused by rates.

Sources

Freddie Mac, Primary Mortgage Market Survey, weeks ending October 8, October 15 and October 22, 2026, freddiemac.com/pmms. Florida Realtors, September 2026 statewide housing data, released October 16, 2026. National Association of Realtors, Pending Home Sales for September 2026, released October 20, 2026. U.S. Bureau of Labor Statistics, Consumer Price Index for September 2026, released October 14, 2026. University of Michigan Surveys of Consumers, final results for October 2026, released October 23, 2026.

Disclosure: Jon Brooks is a co-founder of Momentum Realty, a Florida real estate brokerage that owns and funds Florida Housing Intelligence. Momentum has a financial interest in Florida real estate transactions, including in markets named here. See our editorial standards.