Average 30-year US mortgage rate drops to 7.24 percent

The average United States 30-year fixed-rate mortgage fell to 7.24 percent for the week ending October 29, 2026. MPA Magazine, Yahoo Finance, Mortgage Professional America, bloomingbit, ABC News, and NewsBytes all reported that the rate dropped to its lowest point in more than a month, driven by lower Treasury yields. [1][2][3][4][5][6]

According to MPA Magazine, the benchmark rate dropped from 7.32 percent in the preceding week. In addition, NewsBytes reported that the average 15-year mortgage rate reached 6.60 percent during the same period. [1][6]

The rate remains higher than the 6.17 percent average recorded at the same time in 2025, MPA Magazine reported. The publication noted that rate increases since late February have added around $350 to the monthly payment on a $400,000 home loan at current averages. As FTMQ Real Estate reported earlier, average rates previously stood at 7.41 percent ahead of the Federal Reserve policy meeting. [1][9]

The decline marks two consecutive weeks of easing borrowing costs for homebuyers, MPA Magazine and bloomingbit reported. However, MPA Magazine noted that market pressure remains elevated alongside concerns regarding a potential interest rate hike in December. [1][4]