US Mortgage Rates Fall for Second Week to 7.24%, Easing Homebuyer Costs

U.S. mortgage rates fell for a second straight week to reach their lowest level of the month, according to Freddie Mac data released October 29, 2026. The benchmark 30-year fixed-rate mortgage decreased 8 basis points to average 7.24%, down from 7.32% the prior week. Similarly, the 15-year fixed-rate mortgage declined to 6.60% from 6.68%. Despite the easing, rates remain elevated compared to one year ago, when 30-year and 15-year loans averaged 6.17% and 5.41%, respectively. The recent decline spurred the first rise in mortgage application activity in two months, providing modest relief to homebuyer purchasing power.