The average U.S. 30-year fixed mortgage rate fell to 7.24% this week from 7.32%, Freddie Mac reported October 29 in its Primary Mortgage Market Survey.
The eight-basis-point decrease left the benchmark below last week’s reading but above the 6.17% average recorded a year earlier. A basis point is one-hundredth of a percentage point.
The 15-year fixed mortgage average also declined eight basis points, reaching 6.60% from 6.68%. Its year-earlier average was 5.41%.
Freddie Mac chief economist Sam Khater described the 30-year reading as the lowest this month and said the decline modestly improved prospective buyers’ purchasing power.
The survey focuses on conventional, conforming home-purchase mortgages that fully amortize, for borrowers with excellent credit who make a 20% down payment. Its figures describe that benchmark borrowing profile rather than a rate available to every applicant.
The October 29 release provides a weekly snapshot. It does not predict future mortgage rates or establish the borrowing costs for an individual household.
Sources: Freddie Mac — October 29 Primary Mortgage Market Survey: https://freddiemac.gcs-web.com/news-releases/news-release-details/mortgage-rates-decline-further-724