Data Analysis

Freddie Mac's average 30-year fixed mortgage rate fell to 7.24 percent in the week ending October 29, 2026, from 7.32 percent the prior week, its lowest reading of the month, but still 1.07 percentage points above the 6.17 percent of a year earlier.

The 30-year rate fell for a second straight week, to 7.24 percent, the lowest of October. The 15-year fixed eased to 6.60 percent from 6.68 percent.

Freddie Mac's average 30-year fixed mortgage rate was 7.24 percent in the week ending October 29, 2026, down from 7.32 percent the week before and up from 6.17 percent a year earlier. The 15-year fixed rate averaged 6.60 percent, down from 6.68 percent a week earlier and up from 5.41 percent a year ago. It was the second weekly decline in a row, and Freddie Mac said the 30-year rate reached its lowest level of the month, a move it described as a modest boost to buyers' purchasing power.

What is the average mortgage rate this week?

Freddie Mac's Primary Mortgage Market Survey put the 30-year fixed-rate average at 7.24 percent and the 15-year fixed-rate average at 6.60 percent for the week ending October 29, 2026. Both rates fell 8 basis points from the week ending October 22.

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, drawn from applications lenders submit to Freddie Mac. A borrower's own quote can sit above or below the average depending on credit score, down payment, loan type, points and the day the rate is locked.

How have mortgage rates moved in October?

The 30-year average started the month at 7.28 percent on October 1, rose to 7.40 percent on October 8 and held there on October 15. Our October 8 article noted that 7.40 percent was the highest reading since November 2023. The rate then fell to 7.32 percent on October 22, as covered in our October 22 article, and to 7.24 percent on October 29.

That leaves the 30-year rate 16 basis points below its two-week peak and 4 basis points below where October began. The 15-year rate moved the same way, from 6.73 percent on October 8 to 6.71 percent, 6.68 percent and now 6.60 percent.

Two weekly declines do not reverse the climb shown in the chart. The 30-year average remains well above its 2026 low of 5.98 percent, set in the week ending February 26.

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

This week's 30-year rate is 1.07 percentage points above the year-earlier 6.17 percent. 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, for a loan of $373,500.

At 7.24 percent, principal and interest on a 30-year fixed loan of that size is about $2,545 a month. At 6.17 percent, the same loan costs about $2,280, a difference of about $265 a month, or roughly $3,180 a year. Compared with the 7.40 percent peak earlier this month, this week's rate saves about $40 a month on the same loan. These figures exclude property taxes, homeowners and flood insurance, mortgage insurance and association dues, which add heavily to Florida housing costs. Our escrow shortage calculator covers the tax and insurance side of the payment.

What else happened this week that matters for rates?

The Federal Reserve held its policy rate at a range of 3.75 percent to 4 percent on October 28, with two officials dissenting in favor of a quarter-point increase, as covered in our Fed decision article. The Fed does not set mortgage rates, which tend to follow longer-term Treasury yields.

On October 29, the Bureau of Economic Analysis reported that real GDP grew at a 3.4 percent annual rate in the third quarter, and that the PCE price index rose 3.6 percent over the 12 months ended in September. Our GDP article and PCE inflation article cover both releases. Freddie Mac's weekly release does not attribute the rate decline to any of these reports, and this article does not either.

What does 7.24 percent mean for Florida buyers and sellers?

Demand has been weak as rates rose. Redfin reported on October 29 that pending home sales fell 15.9 percent from a year earlier in the four weeks ending October 25, to a record low in its data, and that the national median sale price slipped 0.1 percent year over year, the first annual decline in three years by its measure. The National Association of Realtors reported on October 29 that the monthly payment on a typical existing single-family home with 20 percent down was $2,251 in the third quarter, up $48 from the second quarter; our NAR metro prices article has the details.

For buyers, the practical step is unchanged: compare quotes from more than one lender on the same day, since daily rates move around the weekly average. Sellers face shoppers whose budgets were set when rates were lower earlier in the year. Local listings and prices 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, November 5, 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 29, 2026 put the average 30-year fixed rate at 7.24 percent, down from 7.32 percent a week earlier and up from 6.17 percent a year ago.

What is the 15-year mortgage rate this week?

The 15-year fixed averaged 6.60 percent in the week ending October 29, 2026, down from 6.68 percent the prior week and up from 5.41 percent a year earlier.

Are mortgage rates going down?

The 30-year average has fallen two weeks in a row, from 7.40 percent to 7.24 percent, its lowest reading of October. It remains above its year-ago level and well above its 2026 low of 5.98 percent.

What is the monthly payment on a $373,500 loan at 7.24 percent?

Principal and interest on a 30-year fixed loan of $373,500 at 7.24 percent is about $2,545 a month, compared with about $2,280 at the year-ago rate of 6.17 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. It has no Florida breakdown and does not describe the rate any particular borrower will receive. Payment estimates are Momentum Research calculations of principal and interest only, using 10 percent down for illustration. The chart's weekly values through October 8 come from the series used in our October 8 article and later weeks from Freddie Mac's survey page; rounding can shift a value by a basis point. We could not retrieve a long-run series from FRED for this article. The Redfin, NAR, BEA and Florida Realtors figures use different methods and periods, and none of them shows how much of any change in sales is caused by rates.

Sources

Freddie Mac, Primary Mortgage Market Survey, weeks ending October 1 through October 29, 2026, freddiemac.com/pmms. Florida Realtors, September 2026 statewide housing data, released October 16, 2026. Federal Reserve, FOMC statement, October 28, 2026. U.S. Bureau of Economic Analysis, GDP (advance estimate) third quarter 2026 and Personal Income and Outlays September 2026, released October 29, 2026. Redfin, "U.S. Home-Sale Prices Just Fell for the First Time in 3 Years," October 29, 2026. National Association of Realtors, Q3 2026 metro home prices release, October 29, 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.