# Mortgage rates fall to under 7.25 percent 

- URL: https://talkfuse.com/story/mortgage-rates-fall-to-under-7-25-percent/
- Published: 2026-10-29T20:15:05+00:00
- Updated: 2026-11-04T00:33:11+00:00
- Original publisher: The Hill (publisher lean: Centre)
- Original article: https://thehill.com/newsletters/business-economy/6182386-mortgage-rates-fall-to-under-7-25-percent/
- Topics: Americas, Business, Economy, Politics, World

## Key points

- The average 30-year mortgage rate fell to 7.24%.
- It was the second weekly decline in a row.
- Applications rose, but demand remained below last year’s level.

## Summary

The average US 30-year fixed mortgage rate fell to 7.24% in the week ending 29 October 2026, down from 7.32% a week earlier, according to Freddie Mac. It was the second consecutive weekly decline and brought the rate below 7.25% for the first time since September. The average 15-year fixed rate also fell, from 6.68% to 6.60%. The figures offer prospective buyers some relief after the 30-year rate reached 7.40% earlier in October.

The improvement is modest against the wider affordability pressure facing buyers. In a separate survey covering the week ending 23 October, the Mortgage Bankers Association found that mortgage applications rose 3.4% from the previous week, including a 4% rise in purchase applications. Yet purchase applications remained 18% below their level a year earlier, while refinancing applications were 61% lower. The surveys measure different groups of loans over different periods, so their average rates should not be compared directly; together, they suggest that a small fall in borrowing costs has prompted some activity without resolving the difficulty of buying at current rates.

## Coverage

- [The Hill: Mortgage rates fall to under 7.25 percent ](https://thehill.com/newsletters/business-economy/6182386-mortgage-rates-fall-to-under-7-25-percent/)
- [Freddie Mac: Mortgage Market Survey Archive](https://www.freddiemac.com/pmms/archive)

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Summarised by TalkFuse (https://talkfuse.com/). Quote the original publisher for the reporting and link this page for the summary and discussion.