# U.S. Mortgage Average Falls to 7.24%, Freddie Mac Reports

The weekly 30-year average declined eight basis points but remained above its year-earlier level.

By Will Langan | 24X7 News
Published: 2026-10-29T17:07:38.554Z
Updated: 2026-10-29T17:07:38.554Z
Section: Money
Format: News
Canonical: https://24x7news.us/articles/freddie-mac-mortgage-rates-october-29-2026

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

## Sources
- Freddie Mac — October 29 Primary Mortgage Market Survey: https://freddiemac.gcs-web.com/news-releases/news-release-details/mortgage-rates-decline-further-724